Petronas Extends Takeover Bid for Progress (Canada)

PETRONAS Carigali Canada and Progress Energy Resources announced that PETRONAS Canada has exercised its right under the arrangement agreement between the parties to extend the “Outside Date” under the agreement to November 30.

The Outside Date was originally established as October 31.

Under the agreement, PETRONAS Canada has the right to extend the Outside Date from October 31 for up to 90 additional days, in 30 day increments, if the required regulatory approvals have not been obtained. After the Outside Date, either party has the right to terminate the agreement, Petronas said in a statement.

PETRONAS Canada and Progress have met with officials of Industry Canada to understand the basis for the October 19 announcement by the Minister of Industry. As noted in the release by the Minister, PETRONAS Canada has up to 30 days from the date of the announcement to make any additional representations and submit any further undertakings, the company said.

PETRONAS Canada intends to make further submissions to the Minister in order to obtain approval of the proposed transaction, Petronas added.

[mappress]
LNG World News Staff, October 30, 2012