facebook
twitter
rss
account
search
search
 

Petronas, Progress bent on acquisition

Oct. 23, 2012 at 6:28 AM   |   Comments

CALGARY, Alberta, Oct. 23 (UPI) -- A Petronas subsidiary and Canada's Progress Energy Resources Corp. said they were determined to ensure the government a merger was in the country's interest.

Canadian Minister of Industry Christian Paradis said that, after a "thorough review," he wasn't satisfied that a $6 billion takeover bid by Malaysia's Petronas for Canada's Progress Energy was in the national interest.

Both companies, in a statement, said they'd meet with Canadian officials to get a better understanding of the decision.

"Petronas and Progress will work together to ensure that the minister has the necessary information to determine that the proposed acquisition of Progress would likely be of net benefit to Canada," the statement read.

Paradis said Petronas has 30 days as of Friday to alter its proposal, after which he would approve the acquisition or stand by his initial decision.

Early this month, the minister said was he undertaking a "rigorous review" of a $15 billion bid by China National Offshore Oil Corp. to take over Canadian energy company Nexen. Around 90 percent of the Nexen shareholders voted in favor of the deal.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Lockheed Martin, Roketsan collaborate on F-35 cruise missile Lockheed Martin, Roketsan collaborate on F-35 cruise missile
2
GenDyn UK picks Lockheed Martin for vehicle turrets GenDyn UK picks Lockheed Martin for vehicle turrets
3
Thailand orders more aircraft from Airbus Helicopters Thailand orders more aircraft from Airbus Helicopters
4
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
5
Sandia National Labs develops zoom military rifle scope Sandia National Labs develops zoom military rifle scope
Trending News
Around the Web
x
Feedback