Canada declined to say on Friday whether it had approved Malaysian state oil company Petronas' C$5.2 billion ($5.3 billion) bid for gas producer Progress Energy Resources Corp, even as a midnight eastern (0400 GMT) deadline approached.Earlier this month, Industry Minister Christian Paradis extended the review period for the bid to Friday. Officials said he would not make an announcement while markets were open."I won't comment on any specifics. When the decision is ... made, I will announce it properly," Paradis told reporters in the town of Saint-Hubert, Quebec, outside Montreal.Contacted after markets had closed, Paradis spokeswoman Margaux Stastny referred Reuters back to the Minister's comments from earlier in the day.
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, 2177220 shares of PRQ.TO exchange hands on a given day and today's volume is recorded at 9977101.
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