Rumors of merger talks between Sinopec and PetroChina propelled each firm’s shares 10% on April 27. The speculation pushed PetroChina’s Shanghai traded stock to RMB 14.65/share, its highest level in five years, and its NYSE-traded ADRs up about 5% in pre-market trading to $136.50 each before settling back to close 4.25% up on the day at $134.30. Sinopec hit RMB 8.56 a share and its ADRs were up 5.75% in US pre-market trading to......
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