State-run Korea National Oil Corp said on Thursday it agreed to buy Canada’s Harvest Energy Trust for C$4.1bn ($3.9bn) as South Korea competes with other resource-hungry Asian economies for overseas assets. KNOC will pay C$1.8bn in cash for Harvest shares at C$10 each, representing a 37% premium over Wednesday’s closing price of C$7.30. It will also assume C$2.3bn of debt. The sides plan to complete the deal by end-December.

This entry was posted by Gwen Robinson on Thursday, October 22nd, 2009 at 4:53 and is filed under Capital markets, Commodities, M&A. Tagged with Harvest Energy, knoc. Edit this entry.