Monday, October 13, 2008

China National Offshore Oil Corp Buys Shandong Haihua Co Ltd

Shandong Haihua Co Ltd has been taken over by China National Offshore Oil Corp refinery unit (CNOOC). The deal is subject to regulatory approval. Shandong Haihua Group produces soda, ethyl acetate, methylene chloride and potassium sulfate. They are based in the eastern province of Shandong.

Shandong Haihua Group had signed a memorandum of understanding to set up a joint venture with US buyout firm Carlyle in June last year. The deal fell through due to a failure to reach agreement on major issues. This was one month after our Center visited Shandong Haihua Group and they requested us to find a buyer.

Source: Forbes

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