Canada extends review period of PETRONAS' bid for Progress Energy
05 October 2012 17:20 [Source: ICIS news]
TORONTO (ICIS)--?xml:namespace>Canada’s industry minister has extended the review of PETRONAS’s planned takeover of Canadian natural gas firm Progress Energy to 19 October, Progress said on Friday.
Malaysia's government-controlled oil, gas and petrochemicals major PETRONAS and Progress announced the Canadian dollar (C$) 5.5bn ($5.6bn) deal in June.
Progress said it could complete the transaction about three days after approval from the minister.
Canada’s ruling on PETRONAS/Progress is seen as an indication of the government’s position on the much larger $15.1bn bid by China's state-controlled China National Offshore Oil Corp (CNOOC) for Calgary-based oil and energy major Nexen.
Canadian opposition politicians this week called on the government of Prime Minister Stephen Harper to hold public consultations before approving the CNOOC/Nexen deal.
($1 = C$0.98; $1 = €0.77)By: Stefan Baumgarten+1 713 525 2653
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