Nov 20 Malaysia's Petronas said on
Tuesday it is again extending the closing date of its offer to
buy Canada's Progress Energy Resources, as it awaits
Canadian government approval for the C$5.2 billion deal.
Petronas set Dec. 30 as the new closing date. Last month it
extended the deadline for the transaction to Nov. 30, after the
Canadian government rejected the deal, stating it was unlikely
to bring a "net benefit" to Canada.
The Malaysian state-owned oil major has since submitted a
fresh set of undertakings to the government, in an attempt to
make the deal more palatable to Canadian officials.
Under the terms of the deal, Petronas has the right to
extend the outside date from Oct. 31 for up to 90 additional
days, in 30-day increments, if the required regulatory approvals
have not been obtained.
According to sources close to the matter, the Canadian
government wanted to approve the deal but was afraid doing so
would tie its hands as it reviews the more controversial $15.1
billion bid by China's CNOOC Ltd for Canada's Nexen