PetroKazakhstan Sold to CNPC (China)

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Canadian-based oil company PetroKazakhstan Inc., which placed itself on the auction block, announced Monday it has been entered into an agreement to be purchased by a subsidiary of China National Petroleum Corporation in a deal worth $4.18 billion US.

CNPCI will offer $55.00 US per share in cash for all outstanding common shares of PetroKazakhstan, the company said in a release. The offer represents a premium of 24.4 per cent based on the weighted average closing price of PetroKazakhstan (TSX:PKZ) common shares on the New York Stock Exchange for the 20 previous trading days ending Aug. 19, 2005 and a 21.1 per cent premium to the closing price on Aug. 19, 2005, the most recent date on which the shares traded. \

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