Navigate this market better. Subscribe for FREE stock alerts and information.

Friday, April 8, 2011

PetroChina official denies China Gas bid

PetroChina Co Ltd , the world's second-biggest oil and gas producer by market value, is not considering a bid for troubled natural gas distributor China Gas Holdings Ltd , a company official said on Friday, denying an earlier media report. "PetroChina has no plan to acquire a listed gas company in the foreseeable future," PetroChina spokesman Mao Zefeng said by telephone after dealReporter, a unit of the Financial Times, said the oil major was working with Bank of America Merrill Lynch on the acquisition, citing unidentified sources. Hong Kong-listed shares of China Gas had jumped over 8 percent following the earlier report. Shares in the company were halted in the afternoon session.

Source