Chinese natural-gas distributor ENN Energy Holdings Ltd. (2688.HK) is confident shareholders will approve July 6 a proposed acquisition of China Gas Holdings Ltd. (0384.HK), Executive Director Wilson Cheung said.
"The company has kept constant communication with shareholders and there is general support for the deal," Cheung said after the company's annual meeting.
Cheung declined to say if the company will revise its US$2.2 billion offer for China Gas.
ENN Energy and China Petroleum & Chemical Corp. (0386.HK), or Sinopec, in December made a joint takeover offer for distributor China Gas at HK$3.50 a share.
While ENN Energy will seek shareholder support July 6, the ENN/Sinopec bid has stalled amid staunch China-Gas shareholder resistance. Meanwhile, since May, China Gas' bigger Beijing-based rival, Beijing Enterprises Group, has increased its ownership of the company to 14.94% from 3.28%.
Analysts doubt the ENN/Sinopec offer will go ahead given that China Gas' share price has risen since the offer. It was recently above HK$4 and closed Monday at HK$3.73, above the ENN/Sinopec offer of HK$3.50.
ENN Energy, formerly known as Xinao Gas, was among the first privately owned piped-gas operators in China. At the end of 2011 ENN Energy operated 104 city concessions, up from 90 a year earlier, serving some 53 million people.