Petronas said to re-submit Progress bid
Progress shares rise
Shares in Calgary-based Progress Energy Resources rose Friday after the Wall Street Journal reported that Malaysia’s state-owned oil company, Petronas, had re-submitted its takeover bid.
Progress shares closed up 2.25 per cent at $20.43 Friday on the Toronto Stock Exchange.
Ottawa has rejected the $6-billion deal as lacking net benefit for Canada, but allowed the companies a chance to take another run at winning approval.
Nexen Inc., whose controversial $15.1-billion takeover by China National Offshore Oil Co. is also being weighed by Industry Canada, rose 1.7 per cent to $25.69.
Ottawa's net benefit test for big foreign deals with Canadian companies has been criticized for being ill-defined.
Prime Minister Stephen Harper has said clarifications to the process are coming shortly.