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KUALA LUMPUR Malaysian state oil firm Petronas will renew a bid for gas producer Progress Energy Resources, Petronas sources said, seeking to assure the Canadian government that the C$ 5.17 billion ($ 5.2 billion) deal will benefit the country. Canada blocked Petronas’ bid for Progress this month after Industry Minister Christian Paradis said it was not likely to bring a “net benefit” to the country. He gave Petronas 30 days to make additional representations to amend its bid. The Canadian government, sources have told Reuters, wanted to approve the deal but was afraid that would tie its hands when reviewing […]

OTTAWA/CALGARY Malaysian state-owned oil company Petronas was so confident last Friday that its purchase of Progress Energy Resources Corp would be approved by Canada that company officials had drafted a press release to announce the news. At midnight Kuala Lumpur time, they were flabbergasted to learn that Ottawa wanted more time to make a decision. Canada’s 11th-hour veto of the $ 5.2 billion deal was the result of miscalculations and miscommunications, Reuters has learned through interviews with a dozen people briefed on the October 19 events. The ruling stunned investors, driving down Canadian energy stocks and pressuring the Canadian dollar. […]

CALGARY/TORONTO Canadian markets could face a bloody opening on Monday after the government blocked the C$ 5.17 billion ($ 5.22 billion) acquisition of Progress Energy Resources Corp by Malaysian state oil company Petronas , raising questions about other, bigger bids and about Canada’s willingness to let foreign investors in. Canadian Industry Minister Christian Paradis said late Friday night that Petronas’ bid for Progress — one of the largest owners of exploration lands in the gas-rich Montney shale region in northeastern British Columbia — would not provide the “net benefit” for the country required by Canada’s foreign investment laws. Investors had […]

CALGARY Canada still welcomes foreign direct investment despite the federal government’s refusal late last week to approve the C$ 5.17 billion ($ 5.17 billion) acquisition of Progress Energy Resources Corp by Malaysian state oil company Petronas [PETR.UL}, the country’s finance minister said on Sunday. Finance Minister Jim Flaherty told CTV’s “Question Period” program proposed acquisitions needed to be correct and that Canada’s industry minister can impose conditions on any transactions. However, he said in the transcript of the interview that Industry Minister Christian Paradis and the companies were continuing discussions on satisfying the government’s concerns with the deal. ($ 1 […]

CALGARY Canada said on Saturday it still invites foreign investment in natural resources despite its surprise rejection of a C$ 5.17 billion ($ 5.2 billion) takeover of Progress Energy Resources Corp by Malaysia’s Petronas, a deal that had been expected to pass muster easily. The rejection late on Friday of the buyout of Progress, a natural gas producer, has sparked criticism from some investors about perceived protectionism and raised questions whether the larger and more controversial bid for Nexen Inc by China’s CNOOC Ltd has a chance of being approved. “Canada has one of the best investment climates in the […]

TORONTO/KUALA LUMPUR Canada has blocked Malaysian state oil firm Petronas’s C$ 5.17 billion ($ 5.2 billion) bid for gas producer Progress Energy Resources, throwing the country’s energy sector into turmoil. The surprise move could signal problems for Chinese oil group CNOOC’s C$ 15.1 billion offer for oil producer Nexen and, longer term, weigh on other Canadian firms hoping for foreign investment to tap their vast energy reserves. Also, any rejection of the CNOOC bid would likely damage trade ties Canada has been trying to build with China, and would underline political sensitivity to Chinese corporate expansion in North America. The […]

TORONTO Canada blocked Malaysian state oil company Petronas’ C$ 5.17 billion ($ 5.22 billion) bid for gas producer Progress Energy Resources Corp on Friday, a surprise ruling that could have implications for a much bigger offer by China’s state-owned CNOOC for oil producer Nexen Inc. “I can confirm that I have sent a notice letter to Petronas indicating that I am not satisfied that the proposed investment is likely to be of net benefit to Canada,” Christian Paradis, Canada’s minister of industry, said in a late-night statement. Petronas has up to 30 days to make additional representations that could make […]

TORONTO The Canadian government blocked Malaysian state oil company Petronas’ C$ 5.17 billion ($ 5.22 billion) bid for gas producer Progress Energy Resources Corp on Friday, in a ruling that could have huge implications for the far larger proposed takeover of Nexen by China’s state-owned CNOOC. “I can confirm that I have sent a notice letter to Petronas indicating that I am not satisfied that the proposed investment is likely to be of net benefit to Canada,” said Christian Paradis, Canmada’s Minister of Industry in a statement. Petronas has up to 30 days to make any additional representations and submit […]

SAINT-HUBERT, Quebec – Canada declined to say on Friday whether it had approved Malaysian state oil company Petronas’ C$ 5.2 billion ($ 5.3 billion) bid for gas producer Progress Energy Resources Corp , even as a midnight eastern (0400 GMT) deadline approached. Earlier this month, Industry Minister Christian Paradis extended the review period for the bid to Friday. Officials said he would not make an announcement while markets were open. “I won’t comment on any specifics. When the decision is … made, I will announce it properly,” Paradis told reporters in the town of Saint-Hubert, Quebec, outside Montreal. Contacted after […]

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