PetroKazakhstan Inc. has announced 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.
