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China Daily Mail

China Daily Mail

Beijing Enterprises Group (BJEG) again increased its stake in China Gas Holdings Ltd, a takeover target of Sinopec), raising the prospect of a bidding war between the two state-controlled companies.

BJEG, the state parent of utility Beijing Enterprises Holding, snapped up HK$663 million ($85.4 million) of shares in China Gas on Monday, raising its holding to 12.65 percent, according to the Securities and Futures Commission of Hong Kong. That followed its purchase of a 5.4 percent stake from Oman Oil last week that took its share to nearly 9 percent.

BJEG, engaged in gas distribution, water, infrastructure, toll road operation and beer production, has not made public its motive behind the acquisitions. Jimmy Tam, executive director of Beijing Enterprises Holding, on Friday described the stake purchase from Oman Oil as “a valued investment.”

China Gas late last year received an unsolicited $2.2 billion takeover offer from Sinopec and…

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