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China’s CNPC agrees to buy PetroKaz for $4.2bn
By Enid Tsui and Francesco Guerrera in Hong Kong, Khozem Merchant in Mumbai and Bernard Simon in Toronto
Published: August 22 2005 09:34 | Last updated: August 22 2005 18:37
China National Petroleum Corporation on Monday agreed to buy PetroKazakhstan, its central Asian rival, for $4.18bn in China's biggest cross-border takeover.
PetroKaz's board preferred the cash offer by state-owned CNPC, China's biggest oil group, to expressions of interest from ONGC, India's government-controlled energy group. Bernard Isautier, PetroKaz's chief executive, said the company was not aware of any other offer. |
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