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  • justrealplease justrealplease Nov 20, 2012 5:23 PM Flag

    Petronas set December 30 as the new closing date

    (Reuters) - Malaysia's Petronas PETR.UL said on Tuesday it is again extending the closing date of its offer to buy Canada's Progress Energy Resources (PRQ.TO), as it awaits Canadian government approval for the C$5.2 billion deal.

    Petronas set December 30 as the new closing date. Last month it extended the deadline for the transaction to November 30, after the Canadian government rejected the deal, stating it was unlikely to bring a "net benefit" to Canada.

    The Malaysian state-owned oil major has since submitted a fresh set of undertakings to the government, in an attempt to make the deal more palatable to Canadian officials.

    Under the terms of the deal, Petronas has the right to extend the outside date from October 31 for up to 90 additional days, in 30-day increments, if the required regulatory approvals have not been obtained.

    According to sources close to the matter, the Canadian government wanted to approve the deal but was afraid doing so would tie its hands as it reviews the more controversial $15.1 billion bid by China's CNOOC Ltd (0883.HK) for Canada's Nexen Inc (NXY.TO).

    (Reporting by Euan Rocha; Editing by Gerald E. McCormick)

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    • At the same time, his government approved the $15.1-billion (U.S.) bid by China’s CNOOC Ltd. for Calgary-based Nexen Inc., and the $6-billion (Canadian) acquisition by Malaysia’s Petronas of Progress Energy Corp. Those deals judged to be of “net benefit” to Canada under existing Investment Canada Act rules, but the test will now be strengthened to include a requirement that the investment embody “free enterprise principles” and industrial efficiency.

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