CALGARY – Malaysian state-owned energy firm Petronas has completed its $6-billion takeover of Progress Energy Resources Corp. (TSX:PRQ).
The deal won Ottawa’s approval on Friday after having initially been rejected as not being of “net benefit” to Canada.
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OTTAWA — Canada is open for business and foreign investment — but is not for sale — the Harper government declared Friday in approving CNOOC’s $15.1-billion takeover of Nexen, while warning that state-owned enterprise takeovers of oilsands companies will only be permitted on “an exceptional basis only.”
In announcing its approval of the CNOOC-Nexen transaction, the Conservative government introduced a series of grittier rules for acquisitions of Canadian companies by state-owned enterprises.
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Shares in Calgary-based Progress Energy Resources rose Friday after the Wall Street Journal reported that Malaysia’s state-owned oil company, Petronas, had re-submitted its takeover bid.
Progress shares ran up 2.65 per cent to $20.51 Friday at midday on the Toronto Stock Exchange.
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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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The federal government has blocked a Malaysian state-owned company’s attempt to take over a Canadian oil and gas firm, although the Tories hinted they could still be convinced to give their blessing.
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