Chinese oil company says Canada's PetroKazakhstan accepts

State-owned China National Petroleum Corp.
said Monday that the board of directors of PetroKazakhstan,
a Canadian firm that is a major oil producer in neighboring
Kazakhstan in Central Asia, has accepted a US$4.2 billion
(¤3.4 billion) takeover offer, AP reported.
The deal, which requires approval by PetroKazakhstan
shareholders, would add to a series of foreign oil and gas
acquisitions that Beijing hopes will secure energy supplies
for its booming economy.
PetroKazakhstan shareholders are expected to vote in
October, CNPC said. "The Board of Directors of
PetroKazakhstan has recommended that its shareholders
accept" the offer, the Chinese company said.
The announcement comes just days after another
state-controlled Chinese oil company, CNOOC Ltd., withdrew
a multibillion-dollar bid for U.S. oil and gas producer
Unocal Corp. after opposition by critics who said it might
threaten American national security.
--more
1302 Local Time
1002 GMT