The Canadian government has blocked a $5.2 billion bid to acquire Calgary-based Progress Energy Resources by Malaysian state-owned oil firm Petroliam Nasional Bhd., better known as Petronas, saying the proposed investment does not provide a “net benefit” to the country.
“I can confirm that I have sent a notice letter to Petronas indicating that I am not satisfied that the proposed investment is likely to be of net benefit to Canada,” said Canadian Minister of Industry Christian Paradis, in an October 19 statement. “I came to this decision after a careful and thorough review of the proposed transaction.”
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