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Petronas raises Progress Energy offer after rival bid

Reuters -- Progress Energy Resources Corp (PRQ.TO) said Malaysia's state oil company Petronas PETR.UL has agreed to raise its offer to buy the Canadian natural gas producer by 8 percent after Progress received an unsolicited proposal from a third party.

Petronas, which in June launched a C$20.45 per share offer for Progress, will now pay C$22.00 for each share, or C$5.17 billion ($5.12 billion) in total.

Progress did not name the third party that made the unsolicited offer, but said its board has approved Petronas's latest offer.

The Canadian company, known for its reserves in British Columbia's Montney tight gas region as well as Alberta's Deep Basin, already has a joint venture with Petronas.


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Submitted Jul 28, 2012 By: SquawBear
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Petronas raises Progress Energy offer after rival bid Back to Topics
REPLIES (newest first) Post a Reply
honda0105
Champion Author Tallahassee

Posts:24,027
Points:2,384,665
Joined:Nov 2008
Message Posted: Jul 31, 2012 4:49:39 AM

nice way to raise the stock price?
FuelishGuy
Champion Author Edmonton

Posts:1,043
Points:1,622,220
Joined:Oct 2008
Message Posted: Jul 29, 2012 11:17:08 AM

The next headline will read: "China's CNOOC To Buy Petronas"
ExplorerWA
Champion Author Washington

Posts:6,047
Points:1,466,040
Joined:Feb 2011
Message Posted: Jul 28, 2012 9:35:11 PM

Let's develop our vast resources before its too late.
LilRedWagonIN
Champion Author Indiana

Posts:11,110
Points:2,274,125
Joined:Oct 2008
Message Posted: Jul 28, 2012 3:03:13 PM

A bidding war with a phantom third party? Nice negotiating move by Progress if it works. A mystery buyer wants to buy my car for $90,000. Any one want to offer me 8 percent more?
Wierbe
Champion Author Cincinnati

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Message Posted: Jul 28, 2012 2:05:25 PM

Sale goes to the highest bidder. Is this news?
tomok
Champion Author Portland

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Joined:Aug 2006
Message Posted: Jul 28, 2012 10:28:01 AM

Malaysia buying Canadian natural gas? Sell that natural gas to the highest bidder, somebody will buy it!
The US has lots of oil and natural gas too! We need our natural gas for use in this country, not exported to the world market for higher prices and profits!
Whatever the size or shape of the vehicle, Produce and ‘Drive’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. Consider using other forms of less expensive transportation to lower your cost.
The price of fuel at the pump is too high!
12/22/2012
hank1326
Champion Author Los Angeles

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Message Posted: Jul 28, 2012 10:15:47 AM

Time will tell the truth.
Jeffro61
Champion Author Cleveland

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Joined:Oct 2005
Message Posted: Jul 28, 2012 9:50:47 AM

Ok
FOURXFOUR
Champion Author Boston

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Message Posted: Jul 28, 2012 9:47:41 AM

wow
mazdaboy
Champion Author Portland

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Joined:Aug 2003
Message Posted: Jul 28, 2012 9:46:18 AM

"Progress did not name the third party that made the unsolicited offer"

Probably China.
Wolfwings
Champion Author Delaware

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Points:2,541,075
Joined:May 2004
Message Posted: Jul 28, 2012 9:45:56 AM

Why not just sell the oil at the same price the arabs did to the rest of the world?
LoadToad
Champion Author San Diego

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Message Posted: Jul 28, 2012 9:42:56 AM

Interesting.
Don20
Champion Author Oklahoma City

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Message Posted: Jul 28, 2012 9:40:33 AM

This normal business, take to high bid..
THEDodgeman
Champion Author Denver

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Message Posted: Jul 28, 2012 9:35:21 AM

good
EJH22
Champion Author Detroit

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Joined:Aug 2011
Message Posted: Jul 28, 2012 9:35:09 AM

ok
TRAIN RIDER
Champion Author San Bernardino

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Message Posted: Jul 28, 2012 9:33:25 AM

As long as China doesn't get it.
trugasCA
Champion Author California

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Message Posted: Jul 28, 2012 9:33:18 AM

me too
nascar1411
Champion Author Idaho

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Joined:Nov 2010
Message Posted: Jul 28, 2012 9:31:06 AM

ok
kirzon484
Champion Author Atlanta

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Message Posted: Jul 28, 2012 9:28:26 AM

k
Prodaddy
Champion Author Houston

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Message Posted: Jul 28, 2012 9:28:01 AM

This is interesting
CISA
Champion Author Orange County

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Message Posted: Jul 28, 2012 9:27:27 AM

this is one gov't that pays market price w/o nationalizing it!
mrservonics
Champion Author Boston

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Message Posted: Jul 28, 2012 9:24:14 AM

Don't like control going to Malaysia.
dopster
Champion Author Toledo

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Message Posted: Jul 28, 2012 9:24:00 AM

This is natural gas export, not oil sands!
BeaconLite
Champion Author Ottawa

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Message Posted: Jul 28, 2012 9:23:42 AM

I wish they would keep the Canadian resources owned by Canadians.
eswi
Champion Author Madison

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Message Posted: Jul 28, 2012 9:22:37 AM

OK
DrLyon
Champion Author Michigan

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Message Posted: Jul 28, 2012 9:22:26 AM

So it goes...
red5529
Champion Author Alabama

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Message Posted: Jul 28, 2012 9:19:36 AM

See this obama, Canada is selling it all to someone else. Thanks a lot.
Ltdc
Champion Author Long Island

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Message Posted: Jul 28, 2012 9:19:00 AM

You have to ask yourself why the Canadian's are willing to sell their natural resources to anyone?
hwmillerster
Champion Author Missouri

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Message Posted: Jul 28, 2012 9:18:48 AM

The East Asians have money to burn.
unclenorman
Champion Author Tampa

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Message Posted: Jul 28, 2012 9:18:41 AM

Don't worry,they'll screw it up and then sell it back to the Canadians at a bargain price.
Caribou2011
Champion Author Ohio

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Message Posted: Jul 28, 2012 9:18:24 AM

Ok
vizilo
Champion Author British Columbia

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Message Posted: Jul 28, 2012 9:18:02 AM

some countries still like Canada's oil
Donliberty
Champion Author New York

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Message Posted: Jul 28, 2012 9:17:35 AM

k
harleyhusker
Champion Author South Dakota

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Message Posted: Jul 28, 2012 9:17:26 AM

oohh..
gils
Champion Author Ohio

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Message Posted: Jul 28, 2012 9:17:15 AM

ok
bart_reed
Champion Author Los Angeles

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Message Posted: Jul 28, 2012 9:17:01 AM

What a deal.
rampower80
Champion Author Kentucky

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Message Posted: Jul 28, 2012 9:15:59 AM

The ragin' asians are taking over the world.
essel
Champion Author Virginia

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Message Posted: Jul 28, 2012 9:14:54 AM

ok
JWHITE1937
Champion Author Massachusetts

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Message Posted: Jul 28, 2012 9:14:18 AM

more control of fuel by third world?
q2
Champion Author Alberta

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Message Posted: Jul 28, 2012 9:12:23 AM

ok
Tnerbeel
Champion Author Houston

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Message Posted: Jul 28, 2012 9:12:21 AM

Seems that everyone is interested in Canada's energy industry except for Obama. You snooze, you loose.
mindrisa
Veteran Author Denver

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Message Posted: Jul 28, 2012 9:11:48 AM

ok
rwrMO
Champion Author Missouri

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Message Posted: Jul 28, 2012 9:11:39 AM

ok
iamforiu
Champion Author Indiana

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Message Posted: Jul 28, 2012 9:11:16 AM

ok
GoLancer4
Champion Author Ohio

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Message Posted: Jul 28, 2012 9:10:02 AM

nice
IUVidiot
Champion Author Indiana

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Message Posted: Jul 28, 2012 9:09:46 AM

ok
twiper1
Champion Author San Diego

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Message Posted: Jul 28, 2012 9:09:13 AM

alright
StrangeLuv
Champion Author Kansas City

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Message Posted: Jul 28, 2012 9:08:27 AM

Meh...
bbreff
Champion Author Atlanta

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Message Posted: Jul 28, 2012 9:06:23 AM



OK

deaconjones
Champion Author Cleveland

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Message Posted: Jul 28, 2012 9:05:46 AM

OK
BeatOPEC
Champion Author Indianapolis

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Message Posted: Jul 28, 2012 9:04:00 AM

And up go the prices!
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