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China Aviation Oil jumps over 4% after talks of potential Sinopec-CNAF merger
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Shares of China Aviation Oil (CAO) rose over 4% on November 4, following news of a potential merger between Sinopec and China National Aviation Fuel (CNAF). The stock reached S$1.61 before settling at S$1.58, still up 3.9%. CNAF, which owns 51% of CAO, may see its assets absorbed by Sinopec if the merger proceeds. Ongoing negotiations have no confirmed timeline or guarantee of completion, as stated in a Bloomberg report.
Source: Businesstimes The copyright of this article belongs to the original author/organization.
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