REFILE-Petronas bid not of net benefit - Canada minister

Mon Oct 22, 2012 2:41pm EDT
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OTTAWA Oct 22 (Reuters) - The Canadian government is not satisfied that the proposed $5.2 billion purchase of Canada's Progress Energy Resources Corp by Malaysia's Petronas is of net benefit to Canada, Industry Minister Christian Paradis said on Monday.

"As minister of industry, I am not convinced it will lead to a net benefit for Canada," he told a critical political opposition in the House of Commons, adding that Petronas has 27 days from now to make additional representations to the Canadian government.

"We all know that we welcome foreign investment that is in the best interests of Canadians."