BRIEF-Canada says not satisfied that the proposed bid by Petronas for Progress is likely to be of net benefit to Canada

Sat Oct 20, 2012 12:15am EDT

Oct 20 (Reuters) - Progress Energy Resources Corp : * Canada says not satisfied that the proposed bid by petronas for Progress is

likely to be of net benefit to Canada * Canada industry minister says came to this decision after a careful and

thorough review of the proposed transaction * Canada industry minister says petronas now has up to 30 days to make any

additional representations and submit any further undertakings

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