The takeover proposal was 13% below market value
Russian oil major LUKOIL has bought 57.64 percent of Toronto-listed Kazakh oil producer Nelson Resources for around $1.1 billion.
Nelson is a former Canadian gold company now focused on oil and gas in central Asia.
Four major shareholder groups, owning nearly 67% of the stock, have entered into lockup agreements with Lukoil to sell their shares.
The takeover proposal by wholly owned Lukoil Overseas, initially announced Oct. 3, was 13% below Nelson's pre-bid stock market value.