Petronas' $6B Takeover Of Progress Gets Shareholders' OK

Law360, New York (August 29, 2012, 1:01 PM EDT) -- Shareholders of Canadian natural gas company Progress Energy Resources Corp. have overwhelmingly approved a CA$6.1 billion (US$6 billion) takeover bid by Malaysia's Petroliam Nasional Bhd., Progress Energy announced Tuesday.

Petroliam Nasional, better known as Petronas, will acquire all outstanding common shares of Calgary-based Progress Energy — Petronas' joint venture partner in a British Columbia shale play — for CA$22 per share, the target company said. Petronas will also purchase the Canadian firm's unsecured debt, set to mature in 2014 and 2016, Progress Energy said.

The stock...
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