Petronas completes Progress buy

Finish line: Petronas finally wraps Progress buy

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Luke Johnson

 12 December 2012 19:55 GMT

Petronas has completed its bid to take over gas player Progress Energy Resources after a drawn-out process of re-bids and regulatory roadblocks.

Petronas made its initial play for Progress in June. The two companies have been exploring the Montney shale in north-east British Columbia under a joint venture and have been developing plans to build an LNG facility on the coast of that province that would export the fuel to Asia.

The Malaysian giant was forced to increase its original C$20.45-per-share bid after a rival third party made a play for the independent producer. Petronas increased its offer to C$22.00 a share, or about C$5.17 billion (US$5.2 billion) not including debt.

That…

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