Shares in Progress Energy Resources rose Friday amid reports that Malaysia's state-owned oil company has submitted a revised takeover bid to Ottawa in order to demonstrate the $6-billion deal would be of net benefit to Canada.
The stock closed up about 2.3 per cent to $20.43 following various media reports out of Kuala Lumpur, which cited unidentified sources.
Industry Minister
Flaherty says U.S. needs credible plan Christian Paradis rejected Petronas' offer on Oct. 19, but gave it 30 days to take another crack at winning approval. A spokesman for Progress in Calgary declined to confirm whether its would-be acquirer had submitted a new application.
Both companies have met with Industry Canada to try to find out why the government rejected their deal - a move that dismayed many observers.
Petronas CEO Shamsul Azhar Abbas was quoted in the London-based Financial Times as saying that his company would be prepared to add more independent directors to the Progress board.
He also told the Times that Petronas behaves like a publicly traded company and has worked to improve its governance and transparency.
