Oil patch deals may yet live, despite fed’s risky decision

OTTAWA- At three minutes to midnight Friday, the Harper government took a tremendous risk with Canada’s economic future.

In a terse 163-word press statement distributed at 11:57 pm (ET) on a newswire, Industry Minister Christian Paradis informed the world that Canada would not receive a “net benefit” if Malaysian state-owned firm Petronas bought Calgary-based Progress Energy for $5 billion. Ottawa was blocking the transaction, the third time the Harper government has spiked a foreign takeover.

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