Nexen, Progress jump after Canada clears foreign takeovers

Mon Dec 10, 2012 9:48am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

TORONTO Dec 10 (Reuters) - Nexen Inc rose more than 14 percent and Progress Energy Resources Corp climbed more than 13 percent in Toronto on Monday after the Canadian government approved controversial foreign bids for the energy companies.

But some smaller oil sands plays were hurt after Canada announced new rules limiting future acquisitions by foreign state-owned enterprises. Meg Energy Corp and Athabasca Oil Corp both fell 3 percent and were two of the biggest weights on the broader Toronto market. (Reporting by Claire Sibonney and Solarina Ho; Editing by Jeffrey Hodgson)