October 5, 2012 / 12:27 PM / in 6 years

Canada extends review of Petronas bid for Progress Energy

TORONTO, Oct 5 (Reuters) - Progress Energy Resources Corp said on Friday that the Canadian government has extended its review of the C$5.2 billion ($5.30 billion) takeover by Malaysian state oil company Petronas’ for two weeks to Oct. 19.

The deal has already been overwhelmingly approved by Progress Energy’s shareholders. Ottawa is reviewing it under the Investment Canada Act that requires large foreign takeovers of Canadian companies to be of ‘net benefit’ to the country.

Market analysts widely expect this deal will be approved, but many say that Ottawa’s handling of the bid could give clues on the government’s thinking about a $15.1 billion bid by China’s CNOOC for Nexen Inc.

Industry Minister Christian Paradis has until Oct. 12 to rule on the CNOOC bid. But most observers expect him to exercise the option to extend the review period for another 30 days.

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