Sinopec Makes Big Strides in Global Integration Planning with Addax Petroleum Deal

by swisscham in Business

Integration planning after merger and acquisition deals has always been a tough challenge for companies. But the same challenge can also be a winning opportunity, going by the success achieved by a state-owned Chinese company in Europe. In 2009, eyebrows were raised when Chinese oil giant Sinopec decided to take over the ailing Swiss-based oil company Addax Petroleum in a USD 7.6 billion (EUR 5.8 billion) deal. Many analysts and experts predicted rough weather, citing the huge cultural and management differences between the state-owned Chinese firm and the independent private firm. In the four years since, Addax Petroleum has not only become a profitable enterprise for Sinopec, but an example of successful global integration planning by a Chinese company.

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