Swiss oil producer Addax Petroleum saw its shares jump on speculation that it may be the next acquisition target of a Chinese oil firm, the South China Morning Post reported. Addax shares rose 10% to C$39.75 (US$35.65) on news that China Petroleum and Chemical Corp (Sinopec), China National Petroleum Corp or China National Offshore Oil Corp might be considering a purchase. Sinopec is reportedly working on a bid worth as much as US$8 billion for the Geneva-based oil producer, which has interests in West Africa and the Middle East. "While such preliminary discussions are ongoing, no assurance can be given that a transaction will be completed," Addax said in a statement Monday.
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