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Market Chatter: ENN Natural Gas Mulls Dropping $12 Billion Buyout Offer for ENN Energy

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Chinese energy company ENN Natural Gas may abandon a nearly $12 billion buyout offer for ENN Energy Holdings, with a decision likely as soon as today, Bloomberg reported Friday, citing people familiar with the matter.

ENN Natural Gas is the biggest shareholder of ENN Energy, owning about 34% of the shares through Xinneng (Hong Kong) Energy Investment. It may decide not to extend a June 12 deadline to meet pre-conditions for a take-private transaction, sources told the news agency.

The company did not immediately respond to' request for comment.

It has previously agreed to extend a March 13 deadline to June 12.

In March, it reportedly made a cash and stock offer valuing ENN Energy at about HK$90.5 billion ($11.55 billion).

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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