Daylight to be bought by Sinopec

Canadian oil and gas explorer Daylight Energy said yesterday it has agreed to be acquired by China's Sinopec International Petroleum Exploration and Production Corp for about C$2.2bn (£1.36bn). The deal is worth more than double Daylight's pre-bid closing price. The Chinese firm is a subsidiary of China Petrochemical Corp and undertakes overseas investments and operations in the upstream oil and gas sector. The deal could still face regulatory hurdles.