China Wins Approval For Kazakh Oil Acquisition
October 26, 2005
26 October 2005 -- China has won court approval for its biggest foreign acquisition to date.
A court in Canada on 25 October approved the purchase of oil producer PetroKazakhstan by China's biggest state oil company, China National Petroleum Corp.
PetroKazakhstan is a Canadian company but has all of its production in Kazakhstan.
The verdict by the Alberta court clears the way for the $4.18 billion deal to be closed.
(AP/"Financial Times")