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ENN Energy Holdings Ltd, ENN Drop $2.2 Billion Offer For China Gas Holdings Ltd-Reuters

Monday, 15 Oct 2012 08:22am EDT 

Reuters reported that China Petroleum & Chemical Corporation dropped its $2.2 billion offer with ENN Energy Holdings Ltd for China Gas Holdings Ltd. due to regulatory hurdles, a defeat for acquisitive Chairman Fu Chengyu in what would have been the first unsolicited takeover in Hong Kong. Instead, Sinopec entered into a strategic agreement with China Gas Holdings Ltd to jointly develop natural gas and liquefied petroleum gas (LPG) in China. The cooperation agreement seems like a face-saving move for Asia's refiner. Unsolicited deals are rare in China, and one from a state-run enterprise is even more difficult to engineer. 

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