China's CNPC secures big Canada-Kazakhstan oil deal

0 Comments | AFP, August, 2005

OTTAWA (AFP) — Following a failed Chinese bid for a US oil company, China National Petroleum Corporation (CNPC) appeared to seal a deal to buy Calgary-based PetroKazakhstan Inc. for 4.18 billion US dollars.

No other bidders seemed likely to top the 24.4 percent premium CNPC is willing to pay for the Canadian-listed firm that is largest private integrated oil company in Kazakhstan.

The deal will not face regulatory hurdles in Canada, officials said.

The Canadian government introduced a bill in June that would allow it to block foreign takeovers of local companies for national security reasons.

The bill, expected to pass second reading in the House of Commons in September, came only days after allegations surfaced of Chinese corporate espionage in this...