Sinochem, the state-controlled Chinese chemicals company, has agreed to buy UK-listed Emerald Energy for £532m. The recommended cash offer, at 750p a share, was backed by Emerald’s two top shareholders – Waterford Financial and Investment, the vehicle controlled by Russian investor Michael Kroupeev that owns 31% of Emerald, and Soyuzneftegas, the Russian gas company with an 8% stake. JPMorgan, Standard Life and Legal & General are also significant investors in the oil exploration and production company.

This entry was posted by Gwen Robinson on Thursday, August 13th, 2009 at 5:01 and is filed under Capital markets, Commodities, M&A. Tagged with emerald energy, Sinochem, Soyuzneftegas, Waterford. Edit this entry.