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ExxonMobil Announces Sale of Sinopec Shares

Source: www.gulfoilandgas.com 3/1/2005, Location: North America

Exxon Mobil Corporation today announced that it has completed the sale of its 3.7 percent stake in China Petroleum and Chemical Corporation ("Sinopec"). The selling process commenced after close of the Hong Kong market and placed the shares on the public markets at a price of HK$3.38 per share, raising approximately HK$10.7 billion (US$1.37 billion). Merrill Lynch is the Placing Agent for the Sinopec shares.

The positive earnings impact from this transaction will be reported in the first quarter of 2005.

ExxonMobil acquired approximately 3.2 billion 'H' shares in Sinopec at a price of HK$1.61 per share when 20 percent of the company was floated on international markets in October 2000. This investment facilitated the development of a strategic alliance with Sinopec. Today, Sinopec is a valued partner of ExxonMobil and we continue to jointly develop refining, fuels marketing and chemical ventures in China.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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