PetroChina secures 45% stake in SPC for $1 bln

Shanghai, May 25 (Gasgoo.com) PetroChina, the state energy group, has agreed to buy 45.5 percent stake in Singapore Petroleum Company (SPC) for S$1.47 billion ($1.02 billion), the oil producer said in a statement on Sunday, reported Reuters.

PetroChina will carry out a mandatory general offer for the remaining 54.5 per cent of the Singapore-listed company as soon as the deal is granted Chinese regulatory approval.

The deal will be PetroChina's first cross-border acquisition of a public company, the first Chinese takeover of a publicly listed company in Asia and the largest public takeover in Singapore since 2001, according to Financial Times, quoting people involved in the transaction.

"SPC will become a new platform for the implementation of our international strategy and will provide a broader foundation and stable path for development," PetroChina said in a statement.

The Chinese company agreed to pay S$6.25 per share for SPC, compared to Friday's closing price of S$5.04. SPC shares a 285,000 barrels per day refinery in Singapore with U.S. energy major Chevron Corp, and it also owns upstream oil and gas exploration and production concessions in Australia, Southeast Asia and China.

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