Canada rejects Petronas bid for Progress Energy

10/29/2012
Canada has blocked a $5.5 billion (Can.) bid by Petronas Carigali Canada Ltd. for Canadian natural gas producer Progress Energy Resources Corp. in a move that is prompting questions among analysts about whether the government also might reject CNOOC Ltd.'s pending offer to buy Nexen Inc. Progress Energy issued a news release saying Progress and Petronas Canada executives planned to meet Oct. 22 with Industry Canada officials in Ottawa. Canada's government has left open the option of reconsidering its decision. The Minister of Industry Christian Paradis late Oct. 19 issued the rejection notice but also said Petronas Canada has up to 30 days, or longer as mutually agreed upon, to make propo...
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