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China National Petroleum Corporation (CNPC) has announced that its parent company, CNPC Group, intends to transfer 541 million A shares (representing 0.3% of total share capital) to China Mobile Group without any monetary consideration. This transfer is exempt from the need for a tender offer, and it will neither alter the company's controlling shareholder nor its actual controller. Furthermore, it is expected to have no material impact on CNPC's production and operations. Both parties have already inked an agreement, which is now awaiting the green light from the State-owned Assets Supervision and Administration Commission of the State Council, as well as the formal transfer of shares. This strategic move aims to fortify the cooperation between the two giants and foster synchronized growth across multiple sectors.
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