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Petro Kazakhstan Inc. shareholders approve CNPC offer
Shareholders of the Canada-based PetroKazakhstan Inc.(PK)approved at their meeting early Wednesday morning the offer by CNPCI, a wholly-owned subsidiary of China National Petroleum Corporation (CNPC), to acquire 100 percent of the assets of PK Inc. for 55 US dollars per share, according to the CNPC.
A total of 46,896,714 shares were involved in the voting, held in Calgary, Alberta of Canada, and 99.04 percent of the shares were in favor of the offer, said a CNPC official.
The closing of the acquisition is subject to other conditions, including approvals of related Canadian court and the Kazak government, the official said.
If successful, the 4.18-billion-US dollar deal would be the biggest acquisition of a foreign company ever finished by a Chinese company. It would help promote the long-term cooperation between the CNPC and the Kazak petroleum industry, the official said.
The CNPC is China's largest oil producer and a leading global integrated energy company engaged in both upstream and downstream operations, oil and gas field engineering and technical services, as well as petroleum materials and equipment manufacturing and supply.
The company announced on Aug. 22 that it participated in the acquisition bid for PK Inc. through the CNPCI.
To clear its rode for the trade, the CNPCI signed a memorandum of understanding (MOU) with KazMunaiGas, the state oil company of Kazakhstan last Saturday.
According to the MOU, KazMunaiGas will obtain a certain amount of PK shares enough to have strategic control over the development of the country's mineral resources, together with the equal right for joint management over Shymkent refinery and its products.
Registered in Canada, PK Inc. is an integrated energy company with all of its assets in Kazakhstan and an annual production capacity of more than 7 million tons of crude oil. Its shares are traded on the Toronto, New York, London and Frankfurt exchanges.
Source: Xinhua
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