Sinopec acquires Syncrude stake from ConocoPhillips for US$4.65 billion
On 12 April 2010, ConocoPhillips announced the sale of its 9.03% stake in Syncrude to Sinopec for a consideration of US$4.65 billion. Due to the deal size and Sinopec's international status, the move invokes a Canadian Federal Government foreign investment review. If approved, the deal is expected to close in Q3 2010. The Syncrude sale is the most material portion of a divestiture package through which ConocoPhillips aims to raise US$10 billion. For Sinopec, the deal represents a ...