Yanchang largest exporter of oil Petroleum International Limited Completes Acquisition Of Novus Energy Inc
Yanchang Petroleum International Restricted completes acquisition of Novus Energy Inc.
Date Closed: largest exporter of oil 1/20/2014
Value: C$320 million
On January 20, 2014, Yanchang Petroleum International Limited (Yanchang), by its indirect wholly-owned subsidiary, completed the acquisition of Novus Energy Inc. (Novus), a Calgary-primarily based oil and pure gas firm with assets in western Canada.
Yanchang is a Hong Kong listed public company principally engaged in the exploration, exploitation and operation of oil and fuel fields and refined oil wholesale and retail companies. Synthetic Ammonia Equipment Shaanxi Yanchang Petroleum (Group) Co. Restricted (Yanchang Petroleum largest exporter of oil Group), the fourth largest oil producer in China with more than 100 years of historical past, is the most important shareholder of Yanchang and also controls the board of Yanchang. Yanchang Petroleum Group is principally engaged in oil and gas exploration, exploitation, processing, pipeline transportation and sales of oil and fuel; chemical engineering of oil, gas and coal; equipment manufacturing; project building; and oil and gas analysis and improvement.
The acquisition was carried out by way of a statutory plan of association pursuant to which Yanchang indirectly acquired all of the issued and outstanding widespread shares of Novus for $1.18 in money per share. The entire transaction was valued at approximately $320 million, together with $100 million of assumed debt.
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