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Petronas raises Progress Energy offer after rival bid

Reuters -- Progress Energy Resources Corp (PRQ.TO) said Malaysia's state oil company Petronas PETR.UL has agreed to raise its offer to buy the Canadian natural gas producer by 8 percent after Progress received an unsolicited proposal from a third party.

Petronas, which in June launched a C$20.45 per share offer for Progress, will now pay C$22.00 for each share, or C$5.17 billion ($5.12 billion) in total.

Progress did not name the third party that made the unsolicited offer, but said its board has approved Petronas's latest offer.

The Canadian company, known for its reserves in British Columbia's Montney tight gas region as well as Alberta's Deep Basin, already has a joint venture with Petronas.

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Submitted Jul 28, 2012 By: SquawBear
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Petronas raises Progress Energy offer after rival bid Post a Reply Back to Topics
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honda0105
Champion Author Tallahassee

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Message Posted: Jul 31, 2012 5:49:39 AM
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nice way to raise the stock price?
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FuelishGuy
All-Star Author Edmonton

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Message Posted: Jul 29, 2012 12:17:08 PM
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The next headline will read: "China's CNOOC To Buy Petronas"
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ExplorerWA
Champion Author Washington

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Message Posted: Jul 28, 2012 10:35:11 PM
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Let's develop our vast resources before its too late.
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LilRedWagonIN
Champion Author Indiana

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Message Posted: Jul 28, 2012 4:03:13 PM
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A bidding war with a phantom third party? Nice negotiating move by Progress if it works. A mystery buyer wants to buy my car for $90,000. Any one want to offer me 8 percent more?
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Wierbe
Champion Author Cincinnati

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Message Posted: Jul 28, 2012 3:05:25 PM
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Sale goes to the highest bidder. Is this news?
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tomok
Champion Author Portland

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Message Posted: Jul 28, 2012 11:28:01 AM
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Malaysia buying Canadian natural gas? Sell that natural gas to the highest bidder, somebody will buy it!
The US has lots of oil and natural gas too! We need our natural gas for use in this country, not exported to the world market for higher prices and profits!
Whatever the size or shape of the vehicle, Produce and ‘Drive’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. Consider using other forms of less expensive transportation to lower your cost.
The price of fuel at the pump is too high!
12/22/2012
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hank1326
Champion Author Los Angeles

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Message Posted: Jul 28, 2012 11:15:47 AM
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Time will tell the truth.
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Jeffro61
Champion Author Cleveland

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Message Posted: Jul 28, 2012 10:50:47 AM
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Ok
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FOURXFOUR
Champion Author Boston

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Message Posted: Jul 28, 2012 10:47:41 AM
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wow
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mazdaboy
Champion Author Portland

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Message Posted: Jul 28, 2012 10:46:18 AM
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"Progress did not name the third party that made the unsolicited offer"

Probably China.
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Wolfwings
Champion Author Delaware

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Message Posted: Jul 28, 2012 10:45:56 AM
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Why not just sell the oil at the same price the arabs did to the rest of the world?
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LoadToad
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Message Posted: Jul 28, 2012 10:42:56 AM
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Interesting.
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Don20
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Message Posted: Jul 28, 2012 10:40:33 AM
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This normal business, take to high bid..
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THEDodgeman
Champion Author Denver

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Message Posted: Jul 28, 2012 10:35:21 AM
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good
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EJH22
All-Star Author Detroit

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Message Posted: Jul 28, 2012 10:35:09 AM
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ok
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TRAIN RIDER
Champion Author San Bernardino

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As long as China doesn't get it.
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trugasCA
Champion Author California

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me too
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nascar1411
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ok
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kirzon484
Champion Author Atlanta

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Message Posted: Jul 28, 2012 10:28:26 AM
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k
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Prodaddy
Champion Author Houston

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Message Posted: Jul 28, 2012 10:28:01 AM
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This is interesting
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CISA
Champion Author Orange County

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Message Posted: Jul 28, 2012 10:27:27 AM
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this is one gov't that pays market price w/o nationalizing it!
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mrservonics
Champion Author Boston

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Message Posted: Jul 28, 2012 10:24:14 AM
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Don't like control going to Malaysia.
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dopster
Champion Author Toledo

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Message Posted: Jul 28, 2012 10:24:00 AM
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This is natural gas export, not oil sands!
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BeaconLite
Champion Author Ottawa

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Message Posted: Jul 28, 2012 10:23:42 AM
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I wish they would keep the Canadian resources owned by Canadians.
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eswi
Champion Author Madison

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OK
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DrLyon
Champion Author Michigan

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Message Posted: Jul 28, 2012 10:22:26 AM
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So it goes...
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red5529
Champion Author Alabama

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Message Posted: Jul 28, 2012 10:19:36 AM
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See this obama, Canada is selling it all to someone else. Thanks a lot.
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Ltdc
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Message Posted: Jul 28, 2012 10:19:00 AM
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You have to ask yourself why the Canadian's are willing to sell their natural resources to anyone?
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hwmillerster
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Message Posted: Jul 28, 2012 10:18:48 AM
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The East Asians have money to burn.
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unclenorman
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Don't worry,they'll screw it up and then sell it back to the Canadians at a bargain price.
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Caribou2011
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Ok
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vizilo
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some countries still like Canada's oil
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Donliberty
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k
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harleyhusker
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oohh..
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gils
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ok
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bart_reed
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What a deal.
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rampower80
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The ragin' asians are taking over the world.
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essel
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JWHITE1937
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more control of fuel by third world?
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q2
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Tnerbeel
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Seems that everyone is interested in Canada's energy industry except for Obama. You snooze, you loose.
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mindrisa
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iamforiu
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GoLancer4
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nice
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alright
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Meh...
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bbreff
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OK
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deaconjones
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OK
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