On Aug. 18, Sinopec, China’s state-owned oil and gas company, completed its takeover of Canada’s Addax Petroleum, reported originally here, thereby obtaining oil reserves in Africa and the Middle East. The $7.2 billion deal is China’s largest acquisition of a foreign company, and a clear sign, Vinson & Elkins’ Paul Deemer says, that the country’s state-owned oil companies are ramping up their dealmaking efforts.

For Deemer, a longtime China deal partner, and colleague David Blumental, the Addax deal was the second major oil and gas deal their team has handled for Sinopec in the past year. At the height of the financial crisis last September, Deemer and China practice head Xiao Yong helped Sinopec take over another Canadian energy company, Tanganyika Oil, for $1.9 billion.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]