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Dutch SHV Gas acquires 皇冠体育app's Zhuhai Gas for $41.4 million

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

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皇冠体育app SHV Gas, a subsidiary of privately owned Dutch trading company SHV Holdings NV, has acquired South 皇冠体育app'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 Petro皇冠体育app 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, Petro皇冠体育app 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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