It is 68 per cent owned by the Chinese government, with Chinese banks owning a further 9.5 per cent.BP's chief executive, Lord Browne of Madingley, confirmed yesterday that it was keen to expand further into China "We have a very deep relationship with Sinopec. However, the proposal is said to be at a very "embryonic and conceptual" stage and could take a long time to reach fruition if an agreement is reached at all. A deal with Sinopec, part of the state-owned China Petroleum and Chemical Corporation, would give BP a priceless foothold in the world's fastest growing economy and its second biggest consumer of oil.If a deal is reached, BP would gain access to the vast Chinese domestic market through Sinopec's refining and marketing activities. BP is in very early and exploratory talks to take a major stake in Sinopec, one of China's biggest suppliers of petrol and other refined oil products. The other consortium said the timetable was tight but it was happy to develop its proposals alongside Drax's preparations for a listing.. They say that their respective cash bids offer certainty to the banks and bondholders which own Drax.The Drax board said it had not entirely closed the door on trade bidders and set a deadline of early November for "seriously interested parties" to come forward with firm offers which the company and its advisers, Deutsche Bank, could then compare against the proceeds that a flotation would bring in.The Apollo, Texas Pacific and TowerBrook consortium is being advised by UBS and Lehman Brothers.

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If its bid is successful, it would sell part of the output from Drax's 4,000 megawatt coal-fired station in Selby, North Yorkshire, to Centrica, the owner of the British Gas brand.Both private equity bids are subject to due diligence. The Constellation/Perry consortium complained that the timetable imposed by the Drax board was too constricting and meant that it would be able to vet any firm offer before it was put to the company's owners.

Based on the price at which securities linked to the company's debt trade, Drax estimates that it is worth £2.4bn.The two rival bidders argue that trading in these securities is not a reliable guide to the true value of the company because of the illiquid nature of the market. However, this was vigorously denied by a Drax spokesman, who said: "From a personal perspective, it makes no difference to them financially. There is no bigger incentive for them to go down one route as opposed to another."The Drax board said that the latest private equity offer had been rejected because it "significantly undervalues" the company. This shows that in addition to the 8 per cent equity stake that the management and employees currently hold - worth an estimated £100m - the directors will be eligible for shares equal to a further 5 per cent of the company if it floats.Mr Horsfield chose to take equity in Drax in lieu of a salary when he took over the chairmanship of the company. Its chief executive, Dorothy Thompson, is also thought to be in line for a share of the bonanza even though she only joined the company two months ago.There were claims last night that the huge bonanza the directors stand to collect in the event of a flotation was making them drag their feet over the rival offers from the two consortia.

Gordon Horsfield, the chairman of Drax, will make an estimated £30m to £35m profit alone on his initial investment of just £400,000 and will also be eligible for a new long-term incentive scheme if the company decides to float rather than sell out to one of two private equity bidders. The scale of the rewards on offer to the senior management emerged as the Drax board rejected a second offer for the company worth £2.075bn from a consortium of three US-based private equity firms - Apollo Management, Texas Pacific and TowerBrook Capital Partners.Drax has already snubbed an earlier offer from a partnership between Constellation Energy and Perry Capital, which valued the company at £1.9bn.The windfall awaiting the Drax management is set out in information sent to its banks and bondholders in connection with the planned flotation of the company, scheduled to take place in December. "Acquisition is a core part of our strategy, and with the sale of our tea business, we now have the funds to pursue that," he said.Operating profits at Premier Foods climbed9.7 per cent in the first half of this year to £42.8m. Shares in the company closed at 296.5p yesterday, down 2.5p.. The management and employees of Drax, Europe's biggest power station, will scoop a £100m bonanza when the business is sold later this year and its directors could share in a further bonus pool worth £60m, it has emerged.