Canada approves sale of Talisman's Montney gas assets to Progress Energy

|About: Talisman Energy Inc. (TLM)|By:, SA News Editor

Canada’s Industry Minister approves Progress Energy’s (TLM +1.1%) ~C$1.5B purchase of Talisman Energy's Montney natural gas assets in British Columbia.

In November, TLM - under pressure from investors to reduce its holdings - signed the deal for the subsidiary of Malaysia's Petronas to acquire ~51K net hectares of land in areas of the Montney that TLM owns through a 50-50 partnership with Sasol (SSL).

If the deal closes as planned and SSL doesn't exercise its right of first refusal for the assets, the Malaysian and South African companies would be partners in the Montney.