Sinopec, ENN Bid for China Gas Still Under Review

A joint bid by Sinopec and ENN Energy to acquire China Gas is still under review.

China Knowledge has reported that the two sides have been seeking approval from various Chinese authorities, such as the National Development and Reform Commission and Chin Ministry of Commerce to move ahead with the takeover.

In December last year, China Gas rejected a $2.2 billion bid from Sinopec and ENN Energy saying it failed to reflect the firm’s fundamental value.  Sinopec and ENN are yet to decide on whether to raise the USD 2.2 billion takeover offer.