Soham Posted August 22, 2005 Share Posted August 22, 2005 The move is the largest foreign takeover by a Chinese firm and comes as the net importer of oil seeks to reduce its dependence on foreign-owned firms.CNPC will pay 21% more than Friday's closing PetroKazakhstan share price. Rival Chinese oil firm, CNOOC, recently failed in an attempt to buy US company Unocal because of political opposition. Knock back At the beginning of August, CNOOC withdrew its $18.5bn (?10.4bn) bid for Unocal, leaving the way clear for US firm Chevron to acquire the business. CNPC's move for PetroKazakhstan still requires shareholder approval. It will pay $55 in cash for every PetroKazakhstan share. Rapid growth is fuelling China's demand for oil and the country's thirst has helped push crude prices to a record. Increasing car ownership in the country is another factor, analysts said. CNPC's domestic petroleum exploration and production operations are mainly overseen by its largest listed subsidiary, PetroChina. The company currently operates 13 large oilfields in China. Source Link to comment Share on other sites More sharing options...
quick Posted August 22, 2005 Share Posted August 22, 2005 Damn and i was about to buy some of PetroKazakhstan stock a couple weeks ago, arghghh!!!! it just went from $45 share to $54 this morning in like 2 mins Link to comment Share on other sites More sharing options...
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