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Date: Thursday 28 Aug 2008
LONDON (ShareCast) - Sinopec International revealed that it is no longer considering making a bid for Russia-focused oil producer Imperial Energy.
"Further to press commentary regarding a possible offer for Imperial Energy, Sinopec International Petroleum Exploration and Production Corporation announces that they are no longer considering making an offer for Imperial," said the group.
On Tuesday, Imperial was finalising terms on a possible agreed offer for the company.
The company expects to recommend acceptance of an offer from ONGC Videsh on the basis of 1,250p per Imperial share. The terms of the potential offer value the whole of Imperial Energy at about £1.4bn.