Canada blocked Malaysian state oil company Petronas' C$5.17 billion ($5.22 billion) bid for gas producer Progress Energy Resources Corp on Friday, a surprise ruling that could have implications for a much bigger offer by China's state-owned CNOOC for oil producer Nexen Inc ."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," Christian Paradis, Canada's minister of industry, said in a late-night statement.Petronas has up to 30 days to make additional representations that could make its deal more palatable. Petronas said it was not ready to make any comment."Due to the strict confidentiality provisions of the (Investment Canada) Act, I cannot comment further on this investment at this time," Paradis said.
Nexen Inc. (Nexen) is an independent global energy company. Shares of NXY fell by 1.47% or $-0.38/share to $25.40. In the past year, the shares have traded as low as $13.63 and as high as $26.21. On average, 9920660 shares of NXY exchange hands on a given day and today's volume is recorded at 18509424.
Nexen Inc. (Nexen) is an independent global energy company. Shares of NXY fell by 0.98% or $-0.25/share to $25.15. In the past year, the shares have traded as low as $14.20 and as high as $26.70. On average, 2720270 shares of NXY.TO exchange hands on a given day and today's volume is recorded at 2011207.
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 fell by 0.87% or $-0.19/share to $21.65. In the past year, the shares have traded as low as $9.44 and as high as $22.94. On average, 2286570 shares of PRQ.TO exchange hands on a given day and today's volume is recorded at 9977101.
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