Petronas, Progress to work with Canada to get deal approved

Mon Oct 22, 2012 9:31am EDT
 
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Oct 22 (Reuters) - Petronas and Progress Energy Resources Corp said on Monday they plan to meet with Canadian officials and work together to overturn Canada's surprise move on Friday to block the Malaysian state oil company Petronas' bid for Progress.

Canadian Industry Minister Christian Paradis said late Friday night that Petronas' C$5.17 billion ($5.22 billion) bid for Progress - one of the largest owners of exploration lands in the gas-rich Montney shale region in northeastern British Columbia - would not provide the "net benefit" for the country required by Canada's foreign investment laws.

($1 = 0.9908 Canadian dollars) (Reporting by Euan Rocha; Editing by Gerald E. McCormick)