Petroliam Nasional Bhd, Malaysia’s state-owned oil and natural-gas company, agreed to buy Progress Energy Resources Corp. for C$4.8 billion ($4.6 billion), in its biggest deal as it moves to export Canadian gas to Asia.
Petroliam Nasional Bhd., Malaysia’s state energy company, said its proposed $5.2 billion takeover of Progress Energy Resources Corp. will help Canada develop gas resources and find an alternative market.
Petroliam Nasional Bhd, Malaysia’s state-owned oil and natural-gas company, boosted its cash bid for Progress Energy Resources Corp. to C$5.16 billion ($5.13 billion) to counter a competing offer as producers race to secure Canadian supplies for export.
Traders are regaining confidence that Progress Energy Resources Corp., battered last week after the Canadian government blocked its takeover by Malaysia’s Petroliam Nasional Bhd., will get bought after all.
Petroliam Nasional Bhd., which is seeking approval of a $5.2 billion takeover of Progress Energy Resources Corp., has proposed a public offering of shares in the natural gas producer within five years as a concession to Canada’s government, a person with knowledge of the matter said.
Canada blocked Petroliam Nasional Bhd.’s C$5.2 billion ($5.23 billion) takeover of Progress Energy Resources Corp., saying the bid by the Malaysian state-owned company wasn’t in Canada’s national interests.