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CALGARY, Alberta (AP) - Shareholders of Canadian oil company PetroKazakhstan Inc. on Tuesday voted overwhelmingly in favor of a $4.2 billion takeover offer from China National Petroleum Corp. in a deal still facing legal challenges from Kazakhstan and Russia.
The Calgary-based company, which has all of its energy assets in the former Soviet republic of Kazakhstan, was to appear later Tuesday in an Alberta court where Russian oil giant Lukoil was attempting to stall approval of the Chinese takeover until a "pre-emptive rights" issue can be determined by the Arbitration Institute in Stockholm, Sweden.
Lukoil claims it has right of first refusal to buy PetroKazakhstan's stake in joint venture Turgai Petroleum, which represents about 20 percent of the Canadian company's total reserves.
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