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Harvest Energy Trust agrees to $4.1B sale to Korea National Oil Corporation

From The Canadian Press, October 21, 2009 - 10:45 p.m.

Harvest Energy Trust agrees to $4.1B sale to Korea National Oil Corporation

By The Canadian Press

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CALGARY - Integrated oil and gas company Harvest Energy Trust (TSX:HTE.UN) has agreed to a proposed takeover by state-owned Korea National Oil Corp. in a deal valued at $4.1 billion.

Calgary-based Harvest Energy said late Wednesday that the deal with the South Korean national oil company values its units at $10 per share, for a total cash consideration of about $1.8 billion. The deal also sees Korea National Oil assume $2.3 billion of debt.

Harvest Energy units closed down a penny at $7.30 on the Toronto Stock Exchange Wednesday, prior to the announcement. The stock traded at a 52-week high of $14.90 last November and low of $3.87 in March.

It said the offer is a 47 per cent premium to its average trading price over the past 30 days.

"We are extremely pleased to announce this transaction, which provides substantial value to our investors," stated Harvest Energy president and CEO John Zahary.

"Harvest has a considerable portfolio of opportunities including large oil in place assets coupled with production and throughput expansion opportunities in the upstream and downstream segments respectively. Continued investment by KNOC will supplement this growth."

Korea National Oil president Young-won Kang called Harvest Energy a "perfect fit" for his company's North American growth strategy.

"KNOC has ambitious plans for future growth and is committed to a long term investment strategy in Canada. We are very pleased to be joining forces with a Harvest team that has such a deep and rich experience as well as a proven track record of success."

Harvest said its board has unanimously approved the deal. A meeting will be held in December for Harvest Energy unitholders to vote on the proposal, and requires two-thirds acceptance. It also requires court and regulatory approvals.

The Korea National Oil board also needs to approve the deal on or before Oct. 29.

If approvals are met, the deal is set to close before the end of the year.

Harvest Energy has agreed not to solicit any competing bids and will give Korea National Oil five business to match any other offer that may arise.