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CNOOC obtains controlling stake in Shandong Haihua

(Agencies)
Updated: 2008-09-08 15:06

Shandong Haihua Co Ltd said it has been taken over by China National Offshore Oil Corp (CNOOC), the parent of Hong Kong-listed CNOOC Ltd, after a stake transfer arranged by the local government.

Shandong Haihua said in a statement filed with the Shenzhen bourse that the Weifang state-owned assets regulator singed an agreement to transfer a 51 percent stake in Shandong Haihua Group, Shandong Haihua Co's parent, to CNOOC's refinery unit. There was no consideration for the transfer.

The deal is subject to regulatory approval, said Shandong Haihua Co.

Shandong Haihua Group, in which the state-owned assets agency held 80 percent before the deal, produces soda, ethyl acetate, methylene chloride and potassium sulfate.

The group, based in the eastern province of Shandong, signed a memorandum of understanding (MOU) to set up a joint venture with US buyout firm Carlyle in June last year. The MOU involved the injection of some Shandong Haihua Group assets into the venture, including its stake in Shandong Haihua Co, in exchange for a majority stake, while Carlyle was to pay cash for a minority stake.

The deal fell through due to a failure to reach agreement on major issues.