Nexen and Progress shares plunge ahead of Canada announcement

Fri Dec 7, 2012 3:44pm EST
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TORONTO Dec 7 (Reuters) - Shares of Nexen Inc and Progress Energy Resources Corp plunged ahead of an announcement by the Canadian government, widely expected to detail its decisions on whether to approve foreign bids for the Canadian energy companies.

Nexen shares sank as much as 15.9 percent, to $20.91, and its shares were briefly halted. Progress shares fell as much as 7.8 percent to C$18.67. Both stocks later pared some of those losses. (Reporting by Solarina Ho)