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CNPC Won Petrokazakhstan Bid

Chinese oil giant China National Petroleum Corp., has agreed to pay $4.18 billion for Canadian oil firm

Chinese oil giant China National Petroleum Corp., has agreed to pay $4.18 billion for Canadian oil firm PetroKazakhstan Inc., outfooting Indian oil major.

China National Petroleum, agreed to pay $55 a share for PetroKazakhstan, or 21 percent more than its closing share price on Aug. 19, PetroKazakhstan said in a statement.
PetroKazakhstan's board of directors recommended its shareholders to accept the Chinese offer. The transaction is expected to close in October.

PetroKazakhstan has oil fields in Kazakhstan, where it accounts for 12 percent of oil production.