CNPC completes purchase of PetroKazakhstan

0 Comments | AFP, October, 2005

BEIJING (AFP) — A Canadian court has approved China National Petroleum Corp's (CNPC) 4.18 billion dollar acquisition of PetroKazakhstan Inc, allowing it to complete the biggest overseas takeover by a Chinese corporation.

The Queen's Bench Court in Calgary had unconditionally given the deal the go-head, CNPC said in a statement. "The transaction has been completed."

The court approved the 55 dollars per share proposal after shareholders of the international energy company, registered in Canada but with all its assets in Kazakhstan, voted overwhelmingly in favour of the deal last week.

For energy-hungry China it marks an important milestone in its bid to secure the energy resources it so desperately needs after the failure earlier this year of China National...