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Article: KNOC to take over Harvest Energy.
- Article from:
- Oil & Gas News
- Article date:
- November 8, 2009
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Byline: SEOUL/NEW YORK:
South Korea ended a losing streak in overseas resource deals with the C$1.8 billion ($1.7 billion) friendly takeover of Canada's Harvest Energy Trust, securing oil and gas reserves as well as a refinery that Harvest could not afford to expand.
In the latest in a series of acquisitions of Canadian assets by Asian state companies, Korea National Oil Corp will pay C$10 a trust unit for Harvest and assume C$2.3 billion of long-term debt.
The bid represented a 37 per cent premium for Harvest, which produces 53,400 barrels of oil equivalent a day in Western Canada and operates the 115,000 barrel a day Come By ...