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SHANGHAI, China (AP) - A Canadian court has approved a $4.2 billion takeover of PetroKazakhstan by China's largest oil company, China National Petroleum Corp., clearing the final potential obstacle to China's biggest foreign acquisition yet.
The Alberta Court of Queen's Bench approved the purchase on Tuesday and the deal was due to close on Wednesday, a news release said. Calgary, Alberta-based PetroKazakhstan has all of its energy assets in the former Soviet republic of Kazakhstan.
The purchase at $55 cash per share by a unit of state-owned China National Petroleum, or CNPC, is the biggest in a series of overseas takeovers by Chinese companies. It also is a coup for Beijing in its effort to secure foreign energy supplies for its booming economy.
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