Shares of PetroKazakhstan after information about its sale to Chinese party at trades in Toronto rose in price by 17.63%, at NYSE - by 18.39%

/INTERFAX-KAZAKHSTAN, Toronto, August 23, 05/ - Application about achieved agreement between CNPC International Ltd. and PetroKazakhstan about purchase of private Canadian company's all common shares in circulation by price $55 per copy for $4.18 bn. by Chinese party caused definite stock-jobbing at stock exchanges. So, cost of one share of Canadian oil company PetroKazakhstan at the moment of trades closing at stock exchange in Toronto on Monday was at the level 64.58 Canadian dollars (C). Meanwhile at New York stock exchange (NYSE) share of PetroKazakhstan at the moment of trades closing was $53.75. Starting of trade sessions on August 22 at stock exchanges of Toronto and New York was marked by unexampled growth of price almost by 19,5% and demand for shares of PetroKazakhstan. So, the first minute of trades in New York price of the company's share increased from $45.4 to $54.25, in Toronto - from C54.9 to C65.59. Total volume of deals at two stock exchanges exceeded $900 m., at the same time volume of sales at stock exchange of New York was 15 m. 776 th. 400 shares, at stock exchange of Toronto - 2 m. 032 th. 300 shares. Meanwhile chairman of the board of directors, president and chief executive director of PetroKazakhstan corporation Bernard F. Isautier announced at press conference on Monday, that this deal might bring to " tremendous combination of experience and competency of leading Chinese company and assets of Petrokazakhstan". B. Isautier noted, that "very strong obligations are taken, and we expect, that deal will be concluded with approval of shareholders in the first half of October 2005". "After several days or weeks we will publish all our recommendations for shareholders", - B. Isautier said. PetroKazakhstan, whose assets are in Kazakhstan, announced on Monday about conclusion of agreement with CNPC International Ltd. - subsidiary company of Chinese CNPC, which will acquire all circulated common shares of Petrokazakhstan by the price $55 per item. Total amount of deal is estimated in $4.18 bn. CNPC offer is premium in the amount 24.4% to the average cost of shares of Canadian company during last 20 trade days and 21.1% premium to the cost at closing of trades on August 19. Agreement was approved by the board of directors of PetroKazakhstan and CNPC. The board of directors of PetroKazakhstan recommended shareholders to accept received offer. Financial consultant of Canadian company became Goldman Sachs International. For approval of deal it is necessary to get 66.6% votes of shareholders of PetroKazakhstan. General shareholders meeting of the company, as it is expected, will be held in October. As per terms of agreement, PetroKazakhstan does not have right to seek for new offers about purchase, however board of directors is given right to accept and recommend shareholders offer about purchase with more high price for execution of fiduciary duty also after payment of forfeit in the amount $125 m. CNPC has right to increase amount of offer about purchase. PetroKazakhstan Inc., whose head office is situated in Canada, is integrated international energy company, engaged in exploration, production and export of oil, and also processing of oil and sale of oil products. The company develops Kumkol group of fields on the south of Kazakhstan, owns one of three PR of the republic - Shymkent (also on the south). [2005-08-23]