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


advertisement

Source: Petronas Submitted Revised Bid for Progress

change text size

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.

WHAT DO YOU THINK?

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
Engineering Manager
Expertise: Engineering Manager, Engineering Technician, Project Engineer
Location: Houston, TX
 
Director, Contracts
Expertise: Contracts Engineer, Executive, Legal
Location: Houston, TX
 
Principal- Technology Group Director
Expertise: Executive, IT - Sys Admin & Support
Location: Nashville, TN
 
search for more jobs