Petronas intends to renew its C$5.17B ($5.2B) acquisition of Progress Energy (PRQNF.PK), Reuters...

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

Petronas intends to renew its C$5.17B ($5.2B) acquisition of Progress Energy (PRQNF.PK), Reuters reports, and is assessing the steps it needs to take to assure Canada's government that the deal would provide a "net benefit" to the country. Canada blocked the deal on the grounds it wouldn't, although sources say that approving the deal would tie the government's hands over CNOOC's (CEO) $15.1B bid for Nexen (NXY).