The Canadian government has blocked Malaysian state-owned oil firm Petronas' $5.2 billion bid to acquire Calgary-based Progress Energy Resources, saying the proposed investment does not provide a "net benefit" to the country. The rejection has cast a shadow over CNOOC's $15.1 billion bid to buy Calgary-based oil exploration company Nexen.
Canada Blocks Petronas' $5.2 Billion Bid
The Asian Lawyer
October 24, 2012