CNPC Acquisition of PetroKazakhstan Completed
October 26 2005 - 10:06PM
PR Newswire (US)
CALGARY, Oct. 26 /PRNewswire-FirstCall/ -- PetroKazakhstan Inc.
announced today that the acquisition of the Company for US$55.00
cash per share by CNPC International Ltd. ("CNPC") pursuant to a
Court-approved Plan of Arrangement has closed. Shareholders will
receive payment for their shares from Computershare Trust Company
of Canada within the next few days. "We are delighted that the
process which we started several months ago has been successfully
concluded," said Mr. Bernard F. Isautier, Chairman, President and
Chief Executive Officer of PetroKazakhstan. "CNPC has acquired a
business full of opportunities and with high calibre employees. We
wish them future success in Kazakhstan." As a result of the
Arrangement, PetroKazakhstan is an indirect wholly- owned
subsidiary of CNPC. PetroKazakhstan has applied to delist its
shares from trading 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, in Germany on the Frankfurt
Exchange and in Kazakhstan on the Kazakhstan Stock Exchange.
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. 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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