December 24, 2011 / 2:42 AM / in 6 years

Sinopec says completes Daylight Energy buy

HONG KONG (Reuters) - China’s Sinopec Group, parent of top Asia refiner Sinopec Corp 0386.HK 600028.SS, said it had completed the acquisition of Canadian oil and gas explorer Daylight Energy Ltd DAY.TO for C$2.2 billion ($2.16 billion).

Its subsidiary Sinopec International Petroleum Exploration and Production Corp (SIPC) will get Daylight’s assets in 69 oil and gas fields in northwest Alberta and northeast British Columbia via the deal, Sinopec said in a statement late Friday.

“Sinopec will fully utilize the advantage of Daylight’s existing management, technology and human resources to further expand and develop its oil and gas business in Canada,” the state-owned company said.

In October, SIPC agreed to buy all outstanding shares of Calgary, Alberta-based Daylight for C$10.08 each, more than double the closing price of C$4.59 per share prior to the announcement.

Shares of Daylight, which was listed in Toronto in 2004, closed at C$10.07 on Friday.

Reporting by Alison Leung; Editing by Yoko Nishikawa

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