Petronas agrees to buy Progress Energy Resources (PRQNF.PK) for C$4.8B ($4.67B) in a deal that...

|About: Progress Energy Res (PRQNF)|By:, SA News Editor

Petronas agrees to buy Progress Energy Resources (PRQNF.PK) for C$4.8B ($4.67B) in a deal that will give the Malaysian state oil company ownership of large ares of natural gas fields in Canada. Petronas' offer of C$20.45/share represents a premium of 77% to Progress's close yesterday. The question is whether Canadian authorities will allow the deal.