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Canada’s decision to block Petronas’ bid for Progress Energy is spooking investors...

Canada’s decision to block Petronas’ bid for Progress Energy is spooking investors in Nexen (NXY -5.5%), which awaits word on the $15B bid from China’s Cnooc (CEO). But UBS still thinks NXY's chances of success are better because operating cash flow, capital expenditures and reserve base “are not entirely Canadian,” and Cnooc, unlike Petronas, is publicly traded, and thus more transparent.
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