OTTAWA (Reuters) - Canada’s industry minister appeared to suggest on Friday that investors should not read too much into his extending the timeline for review of the proposed takeover of Progress Energy Resources Corp (PRQ.TO) by Malaysian state oil company Petronas PETR.UL, saying such extensions are normal.
“I can confirm that the timeline has been extended for the review of the proposed acquisition of Progress Energy Resources Corp,” Industry Minister Christian Paradis said in a statement.
“Extensions to the review period are not unusual. I will take the time necessary to conduct a thorough and careful review of any proposed investment under the (Investment Canada) Act.”
Reporting by Randall Palmer; Editing by Jeffrey Hodgson