Korea Bolsters Global Oil Play With $3.9B Canada Buy

Law360, New York (October 22, 2009, 2:58 PM EDT) -- Harvest Energy Trust, a Calgary-based producer and refiner of oil and natural gas, has been snapped up by Korea National Oil Corp. for CA$4.1 billion ($3.9 billion), in a deal designed to shore up the energy supply of Asian economic powerhouse South Korea.

Under the agreement, which Harvest said Wednesday marks a 47 percent premium over its share price, KNOC — South Korea's state-owned energy giant — is to pay $1.7 billion in cash and assume $2.2 billion in debt.

"We are extremely pleased to announce...
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