Skip to content
Subscriber Only

Canada Rejects Petronas’s Bid for Progress Energy

Canada blocked Petroliam Nasional Bhd.’s C$5.2 billion ($5.23 billion) takeover of Progress Energy Resources Corp., saying the bid by the Malaysian state-owned company wasn’t in Canada’s national interests.

In what investors say is a test case for the $15.1 billion bid by Cnooc Ltd. of China for Calgary-based Nexen Inc., the Canadian government said it “was not satisfied that the proposed investment is likely to be of net benefit to Canada,” according to an Oct. 19 statement from Industry Minister Christian Paradis. The minister couldn’t comment further.