Canada still welcomes foreign direct investment despite the federal government's refusal late last week to approve the C$5.17 billion ($5.17 billion) acquisition of Progress Energy Resources Corp by Malaysian state oil company Petronas [PETR.UL}, the country's finance minister said on Sunday. Finance Minister Jim Flaherty told CTV's "Question Period" program proposed acquisitions needed to be correct and that Canada's industry minister can impose conditions on any transactions.
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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