Extend Deadline for China Gas Deal

China Petroleum & Chemical Corp. or Sinopec, and gas supplier ENN Energy Holdings Ltd. said Wednesday they have agreed to extend the deadline for their US$2.15 billion planned acquisition of China Gas Holdings Ltd. (0384.HK) to Oct. 15.

Sinopec and ENN Energy said in a statement that the mainland authority is still reviewing the planned acquisition deal to see if it complies with China's anti-monopoly law.

Earlier this month, Sinopec and ENN Energy extended the deadline for the completion of negotiations on their planned acquisition of China Gas by another month to Sept. 6.

However, the proposed deal faces significant challenges. China Gas's board earlier rejected Sinopec's unsolicited offer, saying it was "opportunistic" and failed to "reflect the fundamental value of the company." (wsj.com, Edited by Topco)