PetroKazakhstan Securityholders Approve Proposed Acquisition by CNPC International; Court Reserves Decision on Final Order until
October 19 2005 - 3:00AM
PR Newswire (US)
CALGARY, Oct. 18 /PRNewswire-FirstCall/ -- PetroKazakhstan Inc.
announced today that its securityholders approved the proposed plan
of arrangement pursuant to which a subsidiary of CNPC International
Ltd. will acquire all of the issued and outstanding common shares
of PetroKazakhstan for US$55.00 cash per share. The transaction was
approved by over 99% of the votes cast by securityholders voting at
the meeting. PetroKazakhstan also appeared before the Court of
Queen's Bench of Alberta today to seek the granting of a final
order approving the arrangement. As previously announced, Lukoil
Overseas Kukol B.V. appeared at the hearing opposing approval of
the arrangement. The Court heard oral submissions from counsel to
PetroKazakhstan, CNPC International, certain shareholders and
Lukoil. The Court reserved its decision as to whether to grant the
final order until October 26, 2005. If the Court grants the final
order on October 26, 2005 and subject to the satisfaction of the
other conditions contained in the Arrangement Agreement between
PetroKazakhstan and CNPC International, PetroKazakhstan would file
articles of arrangement to give effect to the arrangement on
October 26 or 27, 2005, depending on the time at which the final
order of the Court is rendered on October 26. PetroKazakhstan Inc.
is a vertically integrated, international energy company,
celebrating its eighth year of operations in the Republic of
Kazakhstan. The Company is engaged in the acquisition, exploration,
development and production of oil and gas, the refining of crude
oil and the sale of oil and refined products. PetroKazakhstan
shares trade in the United States on the New York Stock Exchange,
in Canada on The Toronto Stock Exchange, in the United Kingdom on
the London Stock Exchange and in Germany on the Frankfurt Exchange
under the symbol PKZ. As of December 27, 2004, PetroKazakhstan
shares began trading on the Kazakhstan exchange under the symbol
CA_PKZ. The Company's website can be accessed at
http://www.petrokazakhstan.com/. DATASOURCE: PetroKazakhstan Inc.
CONTACT: Ihor P. Wasylkiw, Vice President Investor Relations, (403)
221-8658, (403) 383-2234 (cell); Jeffrey D. Auld, Vice President,
Treasurer, + 44 (1753) 410-020, + 44 79-00-891-538 (cell)
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