October 20, 2012 / 4:20 AM / in 5 years

Canadian government blocks Petronas bid for Progress Energy

TORONTO, Oct 19 (Reuters) - The Canadian governent blocked Malaysian state oil company Petronas’ C$5.17 billion ($5.22 billion) bid for gas producer Progress Energy Resources Corp on Friday, in a ruling that could have huge implications for the far larger proposed takeover of Nexen by China’s state-owned CNOOC.

“I can confirm that I have sent a notice letter to Petronas indicating that I am not satisfied that the proposed investment is likely to be of net benefit to Canada,” said Christian Paradis, Canmada’s Minister of Industry in a statement.

Petronas has up to 30 days to make any additional representations and submit any further undertakings that could make the deal more palatable to the Canadian government.

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