Source: Petronas Submitted Revised Bid for Progress

KUALA LUMPUR - Malaysia's state energy company Petroliam Nasional Bhd. has submitted a revised takeover offer for Progress Energy Resources Corp., a person with knowledge of the matter said Friday.

The modified bid was submitted to the Canadian government two weeks ago, the person said. He declined to elaborate.

The Canadian government surprised markets Oct. 20 when it rejected a bid from Petroliam Nasional, also known as Petronas, to buy Calgary, Alberta-based Progress for 5.18 billion Canadian dollars ($5.19 billion). It said the deal, as it was structured, didn't provide a "net benefit" to the [Canadian] economy, as required by Canadian law.

Canada gave Petronas 30 days to resubmit.

Petronas executives met with Canadian officials to find ways to complete the takeover, the company said.

The Canadian government is also reviewing a proposal by Chinese state-controlled oil company CNOOC Ltd. to buy Canada's Nexen Inc. for $15.1 billion.

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


Click on the button below to add a comment.
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

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Director, Business Development
Expertise: Business Development
Location: Hanover, MD
Senior Attorney - Royalties Job
Expertise: Legal
Location: Houston, TX
Senior Attorney - Supply Chain Legal Advisor Job
Expertise: Legal
Location: Houston, TX
search for more jobs

Brent Crude Oil : $50.8/BBL 0.13%
Light Crude Oil : $47.55/BBL 0.08%
Natural Gas : $2.94/MMBtu 0.67%
Updated in last 24 hours