Petronas said to re-submit Progress bid
Progress shares rise
CBC News
Posted: Nov 16, 2012 11:52 AM ET
Last Updated: Nov 16, 2012 4:29 PM ET
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. (Bazuki Muhammad/Reuters)
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.
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