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China Oil Firm Completes Takeover of PetroKazakhstan

Posted on: Thursday, 27 October 2005, 12:00 CDT

By Kyodo News International, Tokyo

Oct. 27--BEIJING -- China's largest oil producer China National Petroleum Corp. said Thursday it has completed the takeover of Canada-based PetroKazakhstan Inc., the biggest overseas acquisition ever made by a Chinese company.

CNPC said in a statement on its website that the legal procedures of the transaction were completed when a court in Calgary, Canada, approved it Wednesday morning and a rival in the deal made no appeal.

CNPC and PetroKazakhstan, an oil producer and refiner operating in Kazakhstan, agreed in August that the Chinese company would acquire the Canadian firm for $4.18 billion.

Shareholders of PetroKazakhstan voted 99.04 percent in favor of the offer of $55 a share in a meeting last week.

CNPC also said last week that it will provide a Kazakh state-run oil firm with part of the shares of PetroKazakhstan, in a move that was believed to be aimed at easing energy security worries cited by the Kazakh government.

The takeover by CNPC followed an abortive bid for U.S.-based Unocal Corp. by another major Chinese oil producer CNOOC Ltd. earlier this year.

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Copyright (c) 2005, Kyodo News International, Tokyo

Distributed by Knight Ridder/Tribune Business News.

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UCL, CEO,

Source: Kyodo News International, Tokyo

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