December 24, 2011 / 2:35 AM / 6 years ago

Sinopec says completes Canada's Daylight Energy buy

1 Min Read

HONG KONG, Dec 24 (Reuters) - China's Sinopec Group, parent of top Asia refiner Sinopec Corp , said it had completed the acquisition of Canadian oil and gas explorer Daylight Energy Ltd for C$2.2 billion ($2.16 billion).

Its subsidiary Sinopec International Petroleum Exploration and Production Corp (SIPC) will get Daylight's assets in 69 oil and gas fields in northwest Alberta and northeast British Columbia via the deal, Sinopec said in a statement late Friday.

"Sinopec will fully utilise the advantage of Daylight's existing management, technology and human resources to further expand and develop its oil and gas business in Canada," the state-owned company said.

In October, SIPC agreed to buy all outstanding shares of Calgary, Alberta-based Daylight for C$10.08 each, more than double the closing price of C$4.59 per share prior to the announcement.

Shares of Daylight, which was listed in Toronto in 2004, closed at C$10.07 on Friday.

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