China Petroleum & Chemical Corp. (Sinopec) and ENN Energy Holdings Ltd. said they terminated their joint $2.15 billion takeover bid for China Gas Holdings Ltd. of Hong Kong, which operates gasoline stations and is a natural gas distributor in China.
Sinopec and ENN said preconditions of the deal, such as Chinese regulatory approvals, had not been achieved. The takeover offer was first announced 10 months ago.
Separately, China Gas said it signed a strategic cooperative agreement allowing Sinopec to buy new shares in China Gas, subject to shareholder approval. Currently, Sinopec holds less than 5% in China Gas.