Petronas, Progress To Seek Canada's OK In Blocked $6B Merger

Law360, New York (October 22, 2012, 9:21 PM EDT) -- Malaysia's Petroliam Nasional Bhd. and Canadian natural gas company Progress Energy Resources Corp. said Monday they would try to persuade the government office that recently rejected their proposed CA$5.92 billion (US$5.94 billion) merger to reverse its decision.

Representatives from Progress and Petroliam Nasional, better known as Petronas, will meet with Industry Canada, the country’s economic development department, “to better understand Industry Canada’s requirements with respect to the proposed acquisition of Progress” by Petronas unit Carigali Canada Ltd., the merger candidates said in a statement.

“Petronas and...
To view the full article, register now.