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Dutch SHV Gas acquires China's Zhuhai Gas for $41.4 million

(Gaschina.com.cn)
Updated: 2009-07-16 14:58

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Dutch SHV Gas acquires China's Zhuhai Gas for $41.4 million

China SHV Gas, a subsidiary of privately owned Dutch trading company SHV Holdings NV, has acquired South China's Zhuhai Gas Group Co., or Zhuhai Gas, for Yuan 283 million ($41.4 million), a source at Zhuhai said late Tuesday.

"SHV bought [Zhuhai Gas] at Yuan 283 million. The deal was closed on June 24,2009 " the official said. The acquisition was done through an auction held by Zhuhai Gas, which attracted two firm bidders -- SHV Gas and Zhejiang-based PetroChina Huadian Energy.

Bidding started at Yuan 280 million. Bidders could raise their bid by Yuan 1 million.

According to sources with knowledge of the matter, PetroChina Huadian gave up after two rounds of bidding leaving Zhuhai Gas with the option to acquire SHV Gas at Yuan 283 million

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