CANADA: Industry Canada rejects foreign acquisition of Progress Energy Resources by Petronas

Monday October 22 2012

Industry Canada has rejected Canada foreign acquisition in Progress Energy Resources by Petronas, a Malaysian-owned firm, under the provisions of the Investment Canada Act.

The Minister of Industry has sent a notice letter to Petronas indicating that he was not satisfied that the proposed investment in Progress Energy Resources Corp. was likely to be of net benefit to Canada.

Under the Investment Canada Act, Petronas now has up to 30 days to make any additional representations and submit any further undertakings, which can be extended with agreement of the Minister of Industry and that of the investor. Subsequently, the Minister will either confirm this initial decision or approve the acquisition.

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