PetroKazakhstan Accepts $4.2B Takeover Bid

State-owned China National Petroleum Corp. said Monday the board of directors of PetroKazakhstan, a Canadian company that is a major oil producer in the Central Asian republic of Kazakhstan, has accepted a $4.2 billion takeover offer.

The deal, which requires approval by PetroKazakhstan shareholders, would add to a series of foreign oil and gas acquisitions that Beijing hopes will secure energy supplies for its booming economy.