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Progress CEO says communications breakdown led to rejected deal
October 22, 2012 / 6:16 PM / 5 years ago

Progress CEO says communications breakdown led to rejected deal

CALGARY, Alberta (Reuters) - Progress Energy Resources Corp Chief Executive Michael Culbert said on Monday that a communications breakdown was to blame for the Canadian government’s decision to reject the C$5.2 billion ($5.23 billion) acquisition of his company by Malaysia’s Petronas.

In an interview, Culbert said there was no indication from Industry Canada prior to Friday that the government had any concerns about the deal. However he believes that talks scheduled for this week with the government should be able to get the approval process “back on track.”

($1 = 0.9934 Canadian dollars)

Reporting by Scott Haggett

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