Canadian government bars Petronas bid for Progress
Canada blocked Malaysian state oil company Petronas’ C$5.17 billion (RM15.8 billion) bid for gas producer Progress Energy Resources Co yesterday, 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 its deal more palatable. Petronas said it was not ready to make any comment. “Due to the strict confidentiality provisions of the (Investment Canada) Act, I cannot comment further on this investment at this time,” Paradis said. The Petronas bid for Progress had not been expected to run into hurdles in a review process that asks the government to exami...