Norton Rose Aids Petronas In $5.3B Deal For Shale Developer

Law360, New York (June 28, 2012, 9:48 PM EDT) -- Malaysia's Petroliam Nasional Bhd., known as Petronas, has made another play to boost fuel-hungry Asia's access to natural gas with a CA$5.5 billion ($5.3 billion) deal for Canadian shale developer Progress Energy Resources Corp., according to an announcement Thursday.

Petronas' Canadian subsidiary will pay CA$20.45 per share for Alberta-based Progress, a handsome premium at 77 percent above the stock's Wednesday closing price on the Toronto Stock Exchange and 83 percent higher than Progress shares' 30-day trading average, according to the Canadian gas company.

Government-owned Petronas, which...
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