Canada said on Saturday it still invites foreign investment in natural resources despite its surprise rejection of a C$5.17 billion ($5.2 billion) takeover of Progress Energy Resources Corp by Malaysia's Petronas, a deal that had been expected to pass muster easily. The rejection late on Friday of the takeover of Progress, a natural gas producer, has sparked criticism from some investors about perceived protectionism and raised questions whether the larger and more controversial bid for Nexen Inc by China's CNOOC Ltd has a chance of being approved."Canada has one of the best investment climates in the world and a long-standing reputation for welcoming foreign investment," said Margaux Stastny, spokeswoman for Industry Minister Christian Paradis, who blocked the Petronas bid minutes before the deadline for a decision."Canada has a broad framework in place to promote trade and investment, while at the same time protecting Canadian interests. Our government welcomes foreign investment that benefits Canada," Stastny said in an email.The government of Prime Minister Stephen Harper has devoted much time and effort to seeking foreign capital needed to help develop natural resources such as the Alberta oil sands, and much of that has been directed at 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 traded higher by 0.3% or $0.62/share to $206.90. In the past year, the shares have traded as low as $170.70 and as high as $234.00. On average, 122672 shares of CEO exchange hands on a given day and today's volume is recorded at 74580.
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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