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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (833)	8/22/2005 9:30:41 AM
From: Skywatcher	Respond to of 7256

PetroKazakhstan Accepts $4.2B Takeover Bid Monday August 22, 8:46 am ET By Joe Mcdonald, Associated Press Writer Chinese Oil Company Says Canada's PetroKazakhstan Accepts $4.2 Billion Takeover Bid BEIJING (AP) -- China's biggest state-owned oil company said Monday the board of directors of PetroKazakhstan, a Canadian company that is a major oil producer in China's neighbor Kazakhstan, has accepted a $4.2 billion takeover offer. ADVERTISEMENT The takeover by China National Petroleum Corp., which requires approval by PetroKazakhstan shareholders, would add to a series of foreign oil and gas acquisitions that Beijing hopes will secure energy supplies for its booming economy. The announcement comes about three weeks after another Chinese oil company, CNOOC Ltd. withdrew a multibillion-dollar bid for U.S. oil and gas producer Unocal Corp. after opposition by critics who said it might threaten U.S. national security. Chinese state-owned companies have signed a multibillion-dollar string of deals in recent months to develop oil and gas fields and buy fuel supplies from countries as far-flung as Sudan, Venezuela and Australia. The takeover of PetroKazakhstan would add closer economic ties to the growing strategic cooperation between China and Kazakhstan, which is expected to become one of the world's leading oil producers over the next two decades.