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Petronas, Progress Energy Extend Tie-Up Timeline as They Seek Approval

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Petronas, Progress Energy Extend Tie-Up Timeline as They Seek Approval

TORONTO - Malaysian energy company Petroliam Nasional Bhd. and Canada's Progress Energy Resources Corp. said Tuesday that they have again agreed to extend the timeline for Petronas's proposed 5.18 billion Canadian dollar ($5.20 billion) acquisition of Progress Energy as they seek Canadian government approval for the deal.

The companies said they have extended the outside date to obtain regulator approvals for the tie-up to Dec. 30 from Nov. 30. The date had originally been Oct. 31.

In a statement, Petronas also confirmed that it has submitted a revised takeover offer for Progress Energy to the Canadian government but gave no details.

The Malaysian company is making its second attempt to gain Canada's approval for the acquisition. The proposed deal is being watched closely as a signal of Canada's evolving approach to foreign investment by state-owned enterprises such as Petronas.

Canada is also reviewing another closely watched deal involving a state-owned enterprise: Beijing-controlled CNOOC Ltd.'s proposed $15.1 billion takeover of Canadian energy company Nexen Inc.

Copyright (c) 2012 Dow Jones & Company, Inc.

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