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Petronas Offers Board Changes in Progress Energy Rebid, FT Says

Nov. 12 (Bloomberg) -- Petroliam Nasional Bhd. offered to appoint more independent directors to Progress Energy Resources Corp.’s board to help win Canadian approval for its takeover, the Financial Times said, citing an interview with Chief Executive Officer Shamsul Azhar Abbas.

The CEO of the Malaysian state-owned energy company known as Petronas also stressed its arms length operations from the government in the Southeast Asian nation, telling the newspaper it behaves as a publicly traded company.

Canada rejected Petronas’s C$5.2 billion ($5.2 billion) takeover of Calgary-based Progress Energy on Oct. 19, saying the proposal wasn’t in the nation’s national interest. Petronas intends to continue pursuing approval for the proposed transaction and extended the deadline to complete the deal by 30 days, the company said in a statement Oct. 29.

Petronas is seeking to convince Canadian authorities of its operational independence with Shamsul saying that the firm operates like a publicly-listed company in terms of corporate governance and transparency, according to Financial Times.

To contact the reporter on this story: Chong Pooi Koon in Kuala Lumpur at pchong17@bloomberg.net

To contact the editor responsible for this story: Barry Porter at bporter10@bloomberg.net

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