- Canada rejects $5.2 billion Petronas-Progress deal-WSJ
The Canadian government rejected Malaysian-controlled Petroliam Nasional Bhd.’s roughly 5.2-billion Canadian dollar (US $5.23 billion) takeover of Canadian natural-gas producer Progress Energy Resources Corp., PRQ.T -0.87%in a surprise that could bode ill for China’s Cnooc Ltd., 0883.HK +1.63%which has agreed to buy another big Canadian oil company and faces its own review in Ottawa.-wsj
(Reuters) – Canada could still approve the C$5.17 billion ($5.22 billion) acquisition of Progress Energy Resources Corp (PRQ.TO) by Malaysian state oil company Petronas PETR.UL, the country’s finance minister said on Sunday, despite blocking the bid late last week.-rtrs
Looks like further discussions are in the works to keep the Canadian Government satisfied. With no additional concrete statements out yet USD/CAD remains quite at 0.9944/50.
