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Petronas raises Progress Energy offer after rival bid

Reuters -- Progress Energy Resources Corp (PRQ.TO) said Malaysia's state oil company Petronas PETR.UL has agreed to raise its offer to buy the Canadian natural gas producer by 8 percent after Progress received an unsolicited proposal from a third party.

Petronas, which in June launched a C$20.45 per share offer for Progress, will now pay C$22.00 for each share, or C$5.17 billion ($5.12 billion) in total.

Progress did not name the third party that made the unsolicited offer, but said its board has approved Petronas's latest offer.

The Canadian company, known for its reserves in British Columbia's Montney tight gas region as well as Alberta's Deep Basin, already has a joint venture with Petronas.

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Submitted Jul 28, 2012 By: SquawBear

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honda0105 Champion Author Tallahassee Posts:18,590 Points:1,606,595 Joined:Nov 2008	Message Posted: Jul 31, 2012 5:49:39 AM Ignore honda0105 Report Abuse nice way to raise the stock price?
FuelishGuy All-Star Author Edmonton Posts:794 Points:922,770 Joined:Oct 2008	Message Posted: Jul 29, 2012 12:17:08 PM Ignore FuelishGuy Report Abuse The next headline will read: "China's CNOOC To Buy Petronas"
ExplorerWA Champion Author Washington Posts:4,067 Points:794,325 Joined:Feb 2011	Message Posted: Jul 28, 2012 10:35:11 PM Ignore ExplorerWA Report Abuse Let's develop our vast resources before its too late.
LilRedWagonIN Champion Author Indiana Posts:7,761 Points:1,552,210 Joined:Oct 2008	Message Posted: Jul 28, 2012 4:03:13 PM Ignore LilRedWagonIN Report Abuse A bidding war with a phantom third party? Nice negotiating move by Progress if it works. A mystery buyer wants to buy my car for $90,000. Any one want to offer me 8 percent more?
Wierbe Champion Author Cincinnati Posts:3,737 Points:1,116,190 Joined:Apr 2006	Message Posted: Jul 28, 2012 3:05:25 PM Ignore Wierbe Report Abuse Sale goes to the highest bidder. Is this news?
tomok Champion Author Portland Posts:32,944 Points:2,343,560 Joined:Aug 2006	Message Posted: Jul 28, 2012 11:28:01 AM Ignore tomok Report Abuse Malaysia buying Canadian natural gas? Sell that natural gas to the highest bidder, somebody will buy it! The US has lots of oil and natural gas too! We need our natural gas for use in this country, not exported to the world market for higher prices and profits! Whatever the size or shape of the vehicle, Produce and ‘Drive’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. Consider using other forms of less expensive transportation to lower your cost. The price of fuel at the pump is too high! 12/22/2012
hank1326 Champion Author Los Angeles Posts:8,904 Points:1,731,110 Joined:Jun 2008	Message Posted: Jul 28, 2012 11:15:47 AM Ignore hank1326 Report Abuse Time will tell the truth.
Jeffro61 Champion Author Cleveland Posts:2,257 Points:2,282,945 Joined:Oct 2005	Message Posted: Jul 28, 2012 10:50:47 AM Ignore Jeffro61 Report Abuse Ok
FOURXFOUR Champion Author Boston Posts:2,456 Points:1,245,255 Joined:Aug 2005	Message Posted: Jul 28, 2012 10:47:41 AM Ignore FOURXFOUR Report Abuse wow
mazdaboy Champion Author Portland Posts:7,873 Points:2,095,330 Joined:Aug 2003	Message Posted: Jul 28, 2012 10:46:18 AM Ignore mazdaboy Report Abuse "Progress did not name the third party that made the unsolicited offer" Probably China.
Wolfwings Champion Author Delaware Posts:8,725 Points:1,773,540 Joined:May 2004	Message Posted: Jul 28, 2012 10:45:56 AM Ignore Wolfwings Report Abuse Why not just sell the oil at the same price the arabs did to the rest of the world?
LoadToad Champion Author San Diego Posts:1,364 Points:1,298,045 Joined:Sep 2005	Message Posted: Jul 28, 2012 10:42:56 AM Ignore LoadToad Report Abuse Interesting.
Don20 Champion Author Oklahoma City Posts:9,657 Points:2,616,705 Joined:Mar 2005	Message Posted: Jul 28, 2012 10:40:33 AM Ignore Don20 Report Abuse This normal business, take to high bid..
THEDodgeman Champion Author Denver Posts:7,982 Points:1,944,590 Joined:Apr 2005	Message Posted: Jul 28, 2012 10:35:21 AM Ignore THEDodgeman Report Abuse good
EJH22 Veteran Author Detroit Posts:445 Points:439,485 Joined:Aug 2011	Message Posted: Jul 28, 2012 10:35:09 AM Ignore EJH22 Report Abuse ok
TRAIN RIDER Champion Author San Bernardino Posts:9,067 Points:2,754,895 Joined:Oct 2004	Message Posted: Jul 28, 2012 10:33:25 AM Ignore TRAIN RIDER Report Abuse As long as China doesn't get it.
trugasCA Champion Author California Posts:3,843 Points:159,780 Joined:Mar 2011	Message Posted: Jul 28, 2012 10:33:18 AM Ignore trugasCA Report Abuse me too
nascar1411 Champion Author Idaho Posts:1,883 Points:659,390 Joined:Nov 2010	Message Posted: Jul 28, 2012 10:31:06 AM Ignore nascar1411 Report Abuse ok
kirzon484 Champion Author Atlanta Posts:1,851 Points:430,360 Joined:Jun 2011	Message Posted: Jul 28, 2012 10:28:26 AM Ignore kirzon484 Report Abuse k
Prodaddy Champion Author Houston Posts:8,365 Points:1,893,010 Joined:May 2007	Message Posted: Jul 28, 2012 10:28:01 AM Ignore Prodaddy Report Abuse This is interesting
CISA Champion Author Orange County Posts:5,932 Points:1,396,085 Joined:Dec 2006	Message Posted: Jul 28, 2012 10:27:27 AM Ignore CISA Report Abuse this is one gov't that pays market price w/o nationalizing it!
mrservonics Champion Author Boston Posts:2,714 Points:1,350,380 Joined:May 2005	Message Posted: Jul 28, 2012 10:24:14 AM Ignore mrservonics Report Abuse Don't like control going to Malaysia.
dopster Champion Author Toledo Posts:7,257 Points:2,289,325 Joined:Aug 2004	Message Posted: Jul 28, 2012 10:24:00 AM Ignore dopster Report Abuse This is natural gas export, not oil sands!
BeaconLite Champion Author Ottawa Posts:1,927 Points:367,325 Joined:Sep 2009	Message Posted: Jul 28, 2012 10:23:42 AM Ignore BeaconLite Report Abuse I wish they would keep the Canadian resources owned by Canadians.
eswi Champion Author Madison Posts:2,530 Points:680,455 Joined:Mar 2009	Message Posted: Jul 28, 2012 10:22:37 AM Ignore eswi Report Abuse OK
DrLyon Champion Author Michigan Posts:6,640 Points:1,209,955 Joined:May 2006	Message Posted: Jul 28, 2012 10:22:26 AM Ignore DrLyon Report Abuse So it goes...
red5529 Champion Author Alabama Posts:4,254 Points:1,456,435 Joined:Mar 2008	Message Posted: Jul 28, 2012 10:19:36 AM Ignore red5529 Report Abuse See this obama, Canada is selling it all to someone else. Thanks a lot.
Ltdc Champion Author Long Island Posts:7,200 Points:1,674,945 Joined:Jul 2007	Message Posted: Jul 28, 2012 10:19:00 AM Ignore Ltdc Report Abuse You have to ask yourself why the Canadian's are willing to sell their natural resources to anyone?
hwmillerster Champion Author Missouri Posts:6,774 Points:1,462,420 Joined:Oct 2008	Message Posted: Jul 28, 2012 10:18:48 AM Ignore hwmillerster Report Abuse The East Asians have money to burn.
unclenorman Champion Author Tampa Posts:1,334 Points:137,295 Joined:Jan 2012	Message Posted: Jul 28, 2012 10:18:41 AM Ignore unclenorman Report Abuse Don't worry,they'll screw it up and then sell it back to the Canadians at a bargain price.
Caribou2011 Champion Author Ohio Posts:3,751 Points:765,910 Joined:Feb 2011	Message Posted: Jul 28, 2012 10:18:24 AM Ignore Caribou2011 Report Abuse Ok
vizilo Champion Author British Columbia Posts:5,729 Points:2,590,650 Joined:May 2004	Message Posted: Jul 28, 2012 10:18:02 AM Ignore vizilo Report Abuse some countries still like Canada's oil
Donliberty Champion Author New York Posts:1,653 Points:651,090 Joined:Apr 2011	Message Posted: Jul 28, 2012 10:17:35 AM Ignore Donliberty Report Abuse k
harleyhusker Veteran Author South Dakota Posts:409 Points:704,230 Joined:Dec 2005	Message Posted: Jul 28, 2012 10:17:26 AM Ignore harleyhusker Report Abuse oohh..
gils Champion Author Ohio Posts:1,691 Points:642,625 Joined:Feb 2011	Message Posted: Jul 28, 2012 10:17:15 AM Ignore gils Report Abuse ok
bart_reed Champion Author Los Angeles Posts:3,959 Points:782,705 Joined:Mar 2011	Message Posted: Jul 28, 2012 10:17:01 AM Ignore bart_reed Report Abuse What a deal.
rampower80 Champion Author Kentucky Posts:2,029 Points:458,990 Joined:Jan 2012	Message Posted: Jul 28, 2012 10:15:59 AM Ignore rampower80 Report Abuse The ragin' asians are taking over the world.
essel Champion Author Virginia Posts:2,698 Points:1,041,520 Joined:Nov 2007	Message Posted: Jul 28, 2012 10:14:54 AM Ignore essel Report Abuse ok
JWHITE1937 Champion Author Massachusetts Posts:2,509 Points:994,080 Joined:Aug 2006	Message Posted: Jul 28, 2012 10:14:18 AM Ignore JWHITE1937 Report Abuse more control of fuel by third world?
q2 Champion Author Alberta Posts:2,024 Points:378,145 Joined:Nov 2008	Message Posted: Jul 28, 2012 10:12:23 AM Ignore q2 Report Abuse ok
Tnerbeel Champion Author Houston Posts:8,809 Points:1,745,910 Joined:Mar 2007	Message Posted: Jul 28, 2012 10:12:21 AM Ignore Tnerbeel Report Abuse Seems that everyone is interested in Canada's energy industry except for Obama. You snooze, you loose.
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