Bloomberg
Beijing Enterprises Holdings Ltd. said it will pay HK$8.22 billion ($1.1 billion) to its state-owned parent for a stake in China Gas Holdings Ltd., a supplier of natural gas to 184 Chinese cities.
The company will pay HK$7.80 a share to Beijing Enterprises Group for 22.01 percent of China Gas, Hong Kong-based Beijing Enterprises Holdings said today in a statement. That’s 12 percent less than yesterday’s closing price of China Gas.
Following the transaction Beijing Enterprises Holdings will be the biggest shareholder in China Gas, according to data compiled by Bloomberg. The parent increased its stake in China Gas last year after China Petroleum & Chemical Corp. (386) and ENN Energy Holdings Ltd. (2688) made a takeover offer for China Gas.