Sinopec Group extends takeover bid for Tanganyika Oil

China Petrochemical Corp (Sinopec Group), parent of Sinopec<600028><386>, announced that it has extended a US$1.8 billion takeover bid for Canada-based Tanganyika Oil Co, as the deal is still subject to regulatory approval.

The expiry date of the offer has been extended until Dec. 19, 2008, said the oil giant.

The Board of Directors of Tanganyika Oil reiterated its support for the bid made by the Chinese oil giant for all of Tanganyika's issued and outstanding common shares (including common shares represented by Swedish Depositary Receipts).

Previously, the Chinese refiner agreed to pay CAD 31.50 per share, and expects to acquire 100% stake in Tanganyika Oil, which has exploration and production assets in Syria and Egypt.

A-shares of Sinopec rose 4.42% to RMB 8.27 on Wednesday, while its H-shares added 1.90% to HK$4.83.