Sinopec Acquires Daylight Energy for $2.1b; Yanzhou Coal Buys 19 Canadian Potash Mines

China Petrochemical Corp, the parent of the nation's biggest refiner Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), agreed to buy Daylight Energy Ltd for $2.1 billion to gain Canadian shale gas reserves. It is Sinopec's largest acquisition this year. Buying the Calgary, Alberta-based company gives Sinopec access to more than 300,000 acres of land in areas rich with oil and natural gas.

CNPC, the parent of PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857), said it has formed a partnership with Citic Group for cooperation in developing oil and gas in Kazakhstan. No details were disclosed. Citic is a conglomerate engaged in the finance, manufacturing and property sectors, with financial assets making up 81% of its total assets.

Yanzhou Coal Mining Co (NYSE: YZC, SHA: 600188, HKG: 1171), China's third biggest coal producer by market value, said its Canadian subsidiary has paid $260 million for 19 potash mines in Saskatchewan province. The 19 mines span a total of 5,364km2 in land area. Saskatchewan is estimated to have half of the world's potash deposits.

Bright Dairy & Food Co (SHA: 600597) said it plans to raise ¥1.42 billion from a private placement to build a hi-tech assembly line capable of producing 2,000 tons of dairy products per day.

China CNR Corp (SHA: 601299), a leading railway equipment manufacturer, announced an additional share offering plan to raise ¥7.1 billion to fund a technical overhaul project and the establishment of a financial company and to supplement daily operations. The company scrapped a previous private placement plan aimed at raising ¥10.2 billion.

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