The Canadian government has extended by two weeks its review of a C$5.2 billion ($5.3 billion) bid by Malaysian state oil company Petronas to take over Progress Energy Resources Corp as the country's focus on foreign moves to purchase Canadian resource companies intensifies.The unexpected delay comes as Ottawa also vets a $15.1 billion offer for Nexen Inc by CNOOC Ltd, the Chinese state-controlled company, a deal that has been slammed both by Canada's main opposition party and from some within Conservative Prime Minister Stephen Harper's own government.Most analysts have said they expect Petronas's takeover of Progress to face little trouble as the government assesses if the transaction passes its main test of being of net benefit to Canada.Progress is a natural gas producer, as opposed to a developer in the strategic Alberta oil sands, and plans set by Petronas/Progress to build a multibillion-dollar liquefied natural gas plant on the Pacific Coast fit with a push by Harper to export the fuel to Asia.
CNOOC Limited is an investment holding company. The Company, along with its subsidiaries, is a producer of offshore crude oil and natural gas and an independent oil and gas exploration and production company. Shares of CEO fell by 1.13% or $-2.29/share to $200.71. In the past year, the shares have traded as low as $161.16 and as high as $234.00. On average, 129626 shares of CEO exchange hands on a given day and today's volume is recorded at 50657.
Nexen Inc. (Nexen) is an independent global energy company. Shares of NXY remained unchanged at $25.48. In the past year, the shares have traded as low as $13.63 and as high as $26.21. On average, 9580360 shares of NXY exchange hands on a given day and today's volume is recorded at 4319729.
Nexen Inc. (Nexen) is an independent global energy company. Shares of NXY fell by 0.08% or $-0.02/share to $24.97. In the past year, the shares have traded as low as $14.20 and as high as $26.70. On average, 2777900 shares of NXY.TO exchange hands on a given day and today's volume is recorded at 1384468.
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 0.28% or $0.06/share to $21.85. 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 5706884.
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