China Firm Buys PetroKazakhstan

A bid by one Chinese company to acquire overseas assets came apart just weeks ago, but Monday another takeover offer was being announced.

Calgary's

PetroKazakhstan

(PKZ)

agreed to be acquired by a unit of China National Petroleum for $55 a share in cash. The value of the transaction is about $4.18 billion and represents a premium of 21% to the closing price on Friday.

The boards of both PetroKazakhstan and CNPC International approved the deal. The companies expect to close the transaction in October.

PetroKazakhstan is an energy company that has operations in Kazakhstan. PetroKazakhstan develops and produces of oil and gas and refines crude oil.

Shares of PetroKazakhstan were rising $9.26, or 20%, to $54.66 in premarket trading.

CNPC's acquisition comes shortly after China's

Cnooc

(CEO) - Get Report

tried to acquire

Unocal

(UCL)

. The prospect of that deal fell apart amid substantial political opposition in the U.S., and

Chevron

(CVX) - Get Report

emerged as the winner for Unocal.