Petronas Agrees to Buy Canada’s Progress Energy |
| Bloomberg - Jun 28, 2012 |
Petroliam Nasional Bhd, Malaysia’s state-owned oil and natural-gas company, agreed to buy Progress Energy Resources Corp. (PRQ) for C$4.8 billion in cash ($4.67 billion), advancing its plan to export Canadian gas by ship.
The C$20.45-a-share price is 77 percent more than Progress Energy’s closing price yesterday in Toronto and would be the biggest purchase ever for Petronas, as the Kuala Lumpur-based company is known. Including convertible debentures, the deal is valued at about C$5.5 billion, Calgary-based Progress Energy said in a statement today.
Petronas Chief Executive Officer Shamsul Azhar Abbas said March 30 he wants to expand the company’s presence in Canada and Australia. The company bought a stake in three of Progress Energy’s gas fields last year and agreed to explore development of a liquefied natural gas terminal to export the fuel. Asian buyers have been lured to North America by gas prices that are about 88 percent cheaper.
Read Full Article from Bloomberg
- Posted: 2012-06-28 12:03:36
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