PetroKazakhstan, Inc. (PKZ)

[FinancialAdvisor]

PetroKazakhstan Accepts $4.2B Takeover Bid

PetroKazakhstan Accepts $4.2B Takeover Bid
Monday August 22, 5:11 am ET
Chinese Oil Company Says Canada's PetroKazakhstan Accepts $4.2 Billion Takeover Bid

BEIJING (AP) -- State-owned China National Petroleum Corp. said Monday that the board of PetroKazakhstan, a Canadian firm that is a major oil producer in the Central Asian republic of Kazakhstan, has accepted a $4.2 billion takeover offer.

The deal, if completed, would add to a series of foreign acquisitions of oil and gas assets that Beijing hopes will secure energy supplies for its booming economy.

The offer is to be put to PetroKazakhstan shareholders at a meeting expected to be held in October, CNPC said.

"The Board of Directors of PetroKazakhstan has recommended that its shareholders accept CNPCI's offer," the company said.

The announcement by CNPC comes just days after another state-controlled Chinese oil firm, CNOOC Ltd., withdrew a multibillion-dollar bid for U.S. oil and gas producer Unocal Corp.


LINK: http://biz.yahoo.com/ap/050822/cnpc_petrokazakhstan.html?.v=1