Petronas said to re-submit Progress bid

CBC

Shares in Calgary-based Progress Energy Resources rose Friday after the Wall Street Journal reported that Malaysia’s state-owned oil company, Petronas, had re-submitted its takeover bid.

Progress shares ran up 2.65 per cent to $20.51 Friday at midday on the Toronto Stock Exchange.

Ottawa has rejected the $6-billion deal as lacking net benefit for Canada, but allowed the companies a chance to take another run at winning approval.

Nexen Inc., whose controversial $15.1-billion takeover by China National Offshore Oil Co. is also being weighed by Industry Canada, rose 1.15 per cent to $25.55.

Ottawa's net benefit test for big foreign deals with Canadian companies has been criticized for being ill-defined.

Prime Minister Stephen Harper has said clarifications to the process are coming shortly.