Finance & Investing
News Services
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy


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

change text size
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.


Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Most Popular Articles
From the Career Center
Jobs that may interest you
Director Business Development - Refined Products
Expertise: Business Development
Location: Philadelphia, PA
Account Executive - PNW
Expertise: Business Development|Materials Management |Supply Chain Management
Location: Seattle, 
Business Development Manager
Expertise: Business Development
Location: Denver , 
search for more jobs