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CNPC bid for PetroKazakhstan accepted
www.chinanews.cn 2005-08-23 08:47:10
(Source: China Daily)
BEIJING, Aug. 23 - 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 4.18
billion USD, topping the bid from an Indian rival.
"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 55 USD 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 125 million USD 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.
Industry analysts attributed the winning of CNPC's bid for
PetroKazakhstan to China's solid relationship with Kazakhstan, in
contrast to mounting concerns in the US that China's growing economy and
energy demand may threaten its national security.
��CNPC produced 65m tons of crude oil in 1st half (2005-07-22)
��CNPC net profit reached 102.9 billion yuan last year
(2005-03-18)
��CNPC to spend 6b USD on Russian crude oil (2005-01-31)
��Sino-Kazakhstan oil pipeline being built (2005-08-19)
��China-Kazakhstan oil pipeline to complete this year
(2005-06-29)
��China-Kazakhstan petro-pipeline begins construction
(2005-03-25)
��CNOOC announces withdrawal of Unocal bid (2005-08-03)
��CNOOC insists of not raising bid for Unocal (2005-07-21)
��Unocal reject CNOOC as Chevron raises offer (2005-07-21)
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