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 by Malaysian state oil company Petronas, 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.
Progress Energy Resources Corp (Progress) is engaged in the exploration for, and the acquisition, development and production of, oil and natural gas reserves in the provinces of British Columbia and Alberta. Shares of PRQ traded higher by 0.32% or $0.07/share to $21.86. In the past year, the shares have traded as low as $9.44 and as high as $22.94. On average, 2558290 shares of PRQ.TO exchange hands on a given day and today's volume is recorded at 5589734.
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