Takeover of PetroKazakhstan approved by Alberta court

CBC || October 27, 2005

PetroKazakhstan's $4.2-billion US takeover by China National Petroleum Corp. has won court approval in Alberta, the company said early Wednesday.

Calgary-based PetroKazakhstan (TSX:PKZ) said it was pleased with the decision of Justice Neil Wittmann of the Alberta Court of Queen's Bench.

PetroKazakhstan said it plans to close the takeover deal as soon as possible after the judge's order has been filed in court.

Article Posted at www.KnowledgeDrivenRevolution.com

After PetroKazakhstan shareholders endorsed the takeover, China National Petroleum's cash offer of $55 US per share for the company hit a delay last week.

That's when Russia's largest oil company, Lukoil, asked the Alberta court to hold up the sale while it sought a ruling on whether it should have the first opportunity to buy an oil field it and PetroKazakstan co-own.

Lukoil took its quest for PetroKazakhstan a step further on Tuesday when it pledged to match China National's bid if the Alberta court held up the takeover bid.

PetroKazakhstan shares gained 36 cents to end at $64.35 on the TSX.

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