Canada blocks US$5.2b Petronas bid

Canada has blocked Malaysian state oil firm Petronas’ C$5.17 billion (HK$40 billion) bid for gas producer Progress Energy Resources in a surprise move that could signal problems for a much larger Chinese deal in the country’s energy sector.

Canada’s announcement late on Friday, minutes before a deadline, was a blow to Petronas, whose domestic oil supplies are shrinking and which has been seeking to boost its resources beyond Malaysia and volatile areas such as Sudan.

via Business feed http://www.scmp.com/business/commodities/article/1066342/canada-blocks-us52b-petronas-bid