Sinopec to Buy Changjiang Securities

Sinopec Shijiazhuang Refining & Chemical Co., a unit of China Petroleum & Chemical Corp., will acquire Changjiang Securities Co., BNP Paribas SA's former joint venture partner in China, by issuing new shares, a company statement said.

Shijiazhuang Refining will issue 1.44 billion new shares to Changjiang's shareholders. The transaction values Changjiang Securities at 10.3 billion yuan ($1.3 billion), the statement said.