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.

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