Petronas to meet Canadian officials on Progress Energy deal

Tue Oct 23, 2012 11:10am EDT
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KUALA LUMPUR Oct 23 (Reuters) - Malaysian state oil firm Petroliam Nasional Bhd said on Tuesday that it will meet Canadian government officials who blocked its C$5.17 billion ($5.2 billion) bid for Canada's Progress Energy Resources Corp.

"Petronas and Progress will work together to ensure that the minister has the necessary information to determine that the proposed acquisition of Progress will likely be of net benefit to Canada," Petronas said in a statement.

Petronas said it had up to a month to make additional representations on the deal.

Canada blocked Petronas' bid for Progress Energy last Friday after Industry Minister Christian Paradis said it was not likely to be of net benefit to the country.