Canada extends review period of PETRONAS' bid for Progress Energy

05 October 2012 17:20  [Source: ICIS news]

TORONTO (ICIS)--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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