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Canada's Bankers Petroleum agrees to takeover by Chinese firm

Published 2016-03-20, 02:03 p/m
© Reuters. Canada's Bankers Petroleum agrees to takeover by Chinese firm
BNK
-

TORONTO, March 20 (Reuters) - Canada's Bankers Petroleum Ltd
BNK.TO , one of Albania's largest foreign investors, said on
Sunday it has agreed to be acquired by affiliates of China's
Geo-Jade Petroleum Corp 600759.SS for C$575 million ($442.34
million).
Bankers Petroleum said it will be bought by firms owned by
the Chinese oil and gas exploration and production company for
C$2.20 ($1.69) per share.
Shares of Bankers Petroleum closed at C$1.11 in Toronto on
Friday.
The Canadian company said its corporate and technical
headquarters will remain in Calgary. The deal is subject to
shareholder approval at a meeting before the end of May. Bankers
Petroleum said the company will be delisted after the sale.
Bankers Petroleum began exploration in Albania in 2004 and
operates the largest onshore oil field in continental Europe,
according to the Albania Energy Association.
The Albanian government has accused Bankers Petroleum of
understating earnings to avoid its 50 percent profit tax. It
announced in January it will renegotiate its oil output-sharing
contracts and impose a limit on expenses that oil companies can
use to offset tax liability. = 1.2999 Canadian dollars)

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