Canada intends to block the planned $5.3bn acquisition of Calgary-based Progress Energy Resourcesby Petronasof Malaysia, its industry minister said, throwing into doubt the country’s attitude to foreign takeovers.
Christian Paradis issued a statement on Friday night saying he had written to Petronas, the government-owned Malaysian oil and gas company, saying he was “not satisfied that the proposed investment is likely to be of net benefit to Canada”.
The decision raised questions over other takeovers, particularly the planned $15bn acquisition of Nexen, a Canadian oil company, by Cnooc, which is controlled by the Chinese government.
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