Malaysia's Petronas completed its C$5.2 billion ($5.3 billion) takeover of Progress Energy Resources Corp on Wednesday, a deal that was expected to have sailed through Canada's approval process but got ensnared in a heated national debate about foreign control of energy assets. The government of Prime Minister Stephen Harper approved the transaction on Friday, along with the $15.1 billion acquisition of Nexen Inc by China's state-owned CNOOC Ltd , following months of deliberation.Industry Minister Christian Paradis initially rejected the takeover of Progress, a mid-size natural gas producer, in October, saying it would not have been a net benefit to Canada, but invited the Malaysian state oil company to resubmit its application.On Friday, the Harper government also issued new guidelines for takeovers of Canadian energy businesses by foreign state-owned enterprises, restricting future offers for control over oil sands assets and suggesting the other energy deals will also be difficult.Petronas and Progress have announced plans to build a liquefied natural gas export plant on Canada's West Coast that could cost up to C$11 billion.
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 0.08% or $0.17/share to $218.44. In the past year, the shares have traded as low as $170.70 and as high as $234.00. On average, 93705 shares of CEO exchange hands on a given day and today's volume is recorded at 44493.
Nexen Inc. (Nexen) is an independent global energy company. Shares of NXY traded higher by 0.11% or $0.03/share to $26.93. In the past year, the shares have traded as low as $13.63 and as high as $26.98. On average, 9609980 shares of NXY exchange hands on a given day and today's volume is recorded at 6357805.
Nexen Inc. (Nexen) is an independent global energy company. Shares of NXY fell by 0.23% or $-0.06/share to $26.49. In the past year, the shares have traded as low as $14.20 and as high as $26.70. On average, 1516370 shares of NXY.TO exchange hands on a given day and today's volume is recorded at 1158339.
Progress Energy Resources Corporation is a Canada-based company, which produces natural gas. Shares of PRQ traded higher by 0.05% or $0.01/share to $21.98. In the past year, the shares have traded as low as $9.44 and as high as $22.94. On average, 2569500 shares of PRQ.TO exchange hands on a given day and today's volume is recorded at 4266674.
Source
