Connacher Oil & Gas Ltd CLLZF

China mulls oil sands bid: report

[righand99]

China mulls oil sands bid: report TAVIA GRANT Globe and Mail Update China National Petroleum Corp. has set its sights on Canada's growing oil sands and is planning a multi-billion dollar bid for a company this year, Norwegian-owned Upstream newspaper reported Friday. Among those it's sizing up: Husky Energy Inc. and Canadian Natural Resources Ltd., the weekly said, adding that the Chinese firm hasn't approached either company yet. Flush with cash, CNPC wants to complete a large deal this year, rather than acquiring pieces of companies as it did last year, the paper said. “What we are looking at is something big, something like $20-billion to $30-billion (U.S.),” Upstream quoted a CNPC source as saying. It quoted a source saying that CNPC has engaged outside consultants to come up with valuations of the takeover targets. It wouldn't be the first time a Chinese firm has eyed Calgary-based Husky Energy. In August, Husky chief executive, the Hong Kong billionaire Li Ka-shing, said “many companies have been knocking at our door.” At that time, he said he had no plan to sell the company because he expected increased profit.