Sinopec, ENN plan to acquire China Gas

Sinopec and ENN Energy Holdings Ltd have made an offer of $2 billion to acquire full stake in China Gas, the companies said in a statement.

ENN Energy will acquire 55% of the shares with the other 45% going to Sinopec.

Sinopec currently holds a 4.79% stake, or 210 million shares, in China Gas. ENN Energy doesn't hold any stake.

Buying China Gas will give the companies access to its 6.6 million residential customers and 41,981 industrial and commercial users in the world's second-biggest economy.

The statement said the acquisition is subject to China anti-monopoly law regulatory approval.