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China Petroleum & Chemical Corp (Sinopec) and ENN Energy Ltd said on Tuesday that they reserved the right to revise the terms of their $2.2 billion takeover offer for China Gas Holdings Ltd .
The consortium issued the statement to clarify that Sinopec Chairman Fu Chengyu's comments during a March 26 press conference did not constitute a "no increase" statement under Hong Kong's takeover code.
Sinopec and ENN have made an indicative offer of HK$3.50 per share to buy China Gas, which the target company rejected in December, saying the proposal failed to reflect the fundamental value of China Gas.
Unconventional natural gas has become a global hotspot. It is changing the pattern of the world energy. Shale gas will become one of the three energy resources in the next 20 years. Read More >
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