PRQNF.PK: Progress Energy Res Instablogs

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Wednesday, January 9, 8:04 AM TransCanada (TRP) is chosen by Progress Energy (PRQNF.PK) to design, build and operate the C$5B Prince Rupert gas transmission project in British Columbia, which will transport natural gas from the North Montney gas-producing region near Fort St. John in B.C. to a natural gas export facility in Port Edward. Comment! [Energy]
Friday, December 7, 2012, 5:19 PM Canada's government officially approves Cnooc’s (CEO) bid for Nexen (NXY) and Petronas' bid for Progress Energy (PRQNF.PK). Prime Minister Harper also announces new guidelines for evaluating proposed takeovers by foreign state-owned enterprises. NXY +14.6% AH. 4 Comments [Breaking News, Energy, M&A, Global & FX, On the Move]
Tuesday, December 4, 2012, 2:08 PM Progress Energy (PRQNF.PK) and Malaysia's Petronas say their liquefied natural gas export plant has entered the design phase. In an effort to win Canadian government approval of Petronas' takeover bid for Progress, the companies say the facility would export 6M short tons annually if the deal goes through, ~60% more than current capacity. Comment! [Energy, M&A, Global & FX]
Wednesday, November 21, 2012, 8:47 AM Petronas proposes a public offering of shares in Progress Energy Resources (PRQNF.PK) within five years as a concession to Canada’s government, as it seeks approval for its $5.2B takeover try. Making Progress shares available to Canadian investors also would give the country regulatory oversight over the company. Comment! [Energy, M&A, Global & FX]
Tuesday, November 20, 2012, 9:37 AM Petronas again extends the closing date of its offer to buy Canada's Progress Energy (PRQNF.PK), setting Dec. 30 as the new deadline as it awaits Canadian government approval for the $5.2B deal. Since the deal was rejected last month, the Malaysian state-owned company has submitted a fresh set of undertakings to the government. Comment! [Energy, M&A, Global & FX]
Friday, November 16, 2012, 9:05 AM Malaysian state oil company Petronas has submitted a modified bid for Progress Energy Resources (PRQNF.PK), Reuters reports, after the Canadian government blocked a $5.2B deal last month. Changes were not specified, but Petronas could be adding more independent directors to the Progress board to sweeten the deal. Comment! [Energy, M&A, Global & FX]
Tuesday, October 30, 2012, 5:27 PM Traders are regaining confidence that Progress Energy Resources (PRQNF.PK) will get bought after all, sending shares +8.3% in Toronto this week after Canada's government last week blocked its takeover by Malaysia’s Petronas. The merging parties are doing the right things, looking like they’re committed to work at getting the deal done and sparking optimism. Comment! [Energy, M&A]
Monday, October 29, 2012, 5:14 AM 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). Comment! [M&A, Energy, Top Stories]
Monday, October 22, 2012, 10:24 AM Petronas and Progress Energy Resources (PRQNF.PK -11.3%) say they plan to meet with Canadian officials to try to overturn the government's surprise move to block the Malaysian state oil company's bid. Petronas is "very serious" about proceeding with an acquisition, the country's energy minister says. "I'm sure they will do whatever needs to be done as a company." Comment! [Energy, M&A, Global & FX, On the Move]
Saturday, October 20, 2012, 9:42 AM The Canadian government late last night blocked Malaysia's Petronas' $5.2B bid for Progress Energy Resources (PRQNF.PK), raising doubts over the fate of Cnooc's (CEO) acquisition of Nexen (NXY). Most had originally expected smooth sailing for the Petronas bid, but after the Cnooc move (and now Exxon/Celtic), perhaps the government has to at least say "no" to one. 9 Comments [Energy, M&A, Global & FX, Top Stories]
Friday, October 19, 2012, 2:59 PM The Canadian government’s deadline for reviewing the proposed $6B takeover of Progress Energy Resources (PRQNF.PK) by Malaysia’s Petronas ends today. Observers will be looking for signals about the government’s thinking on Chinese firm Cnooc’s (CEO) much larger - and much more controversial - deal to buy Nexen (NXY). Comment! [Energy, Global & FX]
Friday, July 27, 2012, 12:26 PM Petronas increases its takeover offer for Progress Energy (PRQNF.PK) to C$22/share, or ~C$5.8B, from an earlier bid of C$20.45/share following the Canadian gas producer's receipt of an unsolicited proposal from an unidentified third party. Cnooc's deal for Nexen triggered speculation that more Chinese firms could be on the prowl for North American energy assets. Comment! [Energy, M&A]
Thursday, June 28, 2012, 3:31 PM Encana (ECA +5.3%) shares are rising in response to the bid by Malaysia's state oil company to acquire ECA rival Progress Energy Resources (PRQNF.PK +72.5%), an offer "multiples above where most of the gas names were trading." Investors are rethinking the values given to ECA and other companies that control vast shale gas fields in western Canada. Comment! [Energy, On the Move]
Thursday, June 28, 2012, 8:13 AM 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. Comment! [M&A, Energy]

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