|
US$4.18 billion bid for oil firm accepted
By Wang Ying (China Daily)
Updated: 2005-08-23 06:02
The nation's largest oil and gas producer, China National Petroleum Corp
(CNPC), yesterday reached an initial agreement with PetroKazakhstan Inc to buy
the Canadian-registered company for US$4.18 billion, topping the bid from an
Indian rival.
 |
| Tank wagons stand in line next to sulphur stored at Tengiz oil and
gas refinery plant in western Kazakhstan in this file photo.
PetroKazakhstan Inc, a Canadian oil company operating in central Asia,
said on Monday it had agreed to be bought by Chinese energy company CNPC
International Ltd for $4.18 billion.
[Reuters] | "CNPC, through its wholly owned
subsidiary China National Petroleum Corporation International (CNPCI), has
participated in acquiring PetroKazakhstan (PK)," the Beijing-based oil giant
said in a statement yesterday.
CNPC, the State-owned parent of Hong Kong-listed PetroChina, and PK have
entered into an Arrangement Agreement whereby the Chinese oil firm will pay
US$55 a share, or 21 per cent more than its closing share price on Friday,
PetroKazakhstan said in a statement yesterday.
India's Oil & Natural Gas Corp also bid for the company.
The board of directors of PetroKazakhstan recommended its shareholders accept
CNPC's offer and agreed on a US$125 million break-up fee.
The deal is expected to close in October, said the Calgary-based oil company,
which produces 7 million tons of crude oil annually.
CNPC is considering a proposal in which PetroKazakhstan shareholders could
get discounted shares in a spin-off of its newly formed venture with Hong
Kong-listed PetroChina, Newco, PetroKazakhstan said.
|
 | | | Chimpanzee suffers from smoking addiction | | |  | | | The tide is high but they're holding on | | |  | | | China, Russia military drills stage landing | | |
|
 |
|
|
|
|
Today's
Top News |
|
|
|
Top China
News |
|
|
|
|
|
|
|
|
|
