CNPC cleared to acquire PetroKaz Court decision comes despite Lukoil's claims over right to joint-venture stake.

(From South China Morning Post)

Byline: takeovers Eric Ng

A Canadian court has given the go-ahead for China National Petroleum Corp's US$4.2 billion acquisition of PetroKazakhstan despite opposition from Russia's Lukoil, clearing the way for completion of the mainland's largest overseas takeover.

PetroKazakhstan said the Court of Queen's Bench of Alberta yesterday approved CNPC's bid after hearing legal submissions from Lukoil, CNPC and PetroKazakhstan on the Russian company's claim of a pre-emptive right to take over its joint venture with the Canadian firm.

Lukoil claimed it had the right to buy PetroKazakhstan's stake in their 50-50 …