facebook
twitter
rss
account
search
search
 

Canada's Progress to delist next week

Dec. 14, 2012 at 5:42 AM   |   Comments

CALGARY, Alberta, Dec. 14 (UPI) -- Progress Energy announced its acquisition by Petronas was completed and the Canadian company will be delisted from the Toronto stock exchange next week.

"With the completion of the arrangement, the common shares, the 2014 Debentures and the 2016 Debentures are expected to be delisted from the Toronto Stock Exchange on or about Dec. 17, 2012," the company stated.

This week, the Canadian government approved of a similar deal between energy company Nexen and the China National Offshore Oil Corp. That deal needs approval from other governments, however, because of Nexen's foreign holdings.

Progress Chief Executive Officer and President Michael Culbert said the acquisition would help pave the way to a liquefied natural gas business in Canada.

"Canada has great potential in the global LNG market -- a growing market that's already worth more than $300 billion per year," he said in a statement.

Culbert said first gas from a LNG project in the Pacific Northwest was expected by 2018.

Shareholders approved the deal in August.

© 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.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
U.S. Air Force orders more RQ-4 Global Hawks U.S. Air Force orders more RQ-4 Global Hawks
2
Talon rocket in full-rate production for UAE Talon rocket in full-rate production for UAE
3
Hotel chain suspending sponsorship of Minnesota Vikings Hotel chain suspending sponsorship of Minnesota Vikings
4
EU, Kiev, Moscow gas talks suspended EU, Kiev, Moscow gas talks suspended
5
Students hurt in high school lab fire Students hurt in high school lab fire
Trending News
Video
x
Feedback