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Progress shares rise on reports of Petronas bid

CALGARY, Alberta (AP) -- Shares in Canadian gas producer Progress Energy are rising on reports that Malaysian state-owned oil firm Petronas has submitted a revised takeover bid to Ottawa in order to demonstrate the $5.2 billion deal would be beneficial to Canada.

The stock was up 2.6 percent to $20.49 midday Friday on the Toronto Stock Exchange following media reports out of Kuala Lumpur, which cited unidentified sources.

Industry Canada rejected Petronas's offer on Oct. 19, without publicly explaining its decision. It gave both sides 30 days to take another crack at winning approval.

A spokesman for Progress in Calgary declined to confirm Friday whether its would-be acquirer had submitted a new application.

Both companies have said they have met with government.