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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:18,643 Points:1,611,470 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:798 Points:927,225 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:4,093 Points:799,200 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:7,786 Points:1,557,085 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:3,762 Points:1,121,065 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:33,073 Points:2,347,460 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:8,924 Points:1,735,760 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:2,282 Points:2,287,820 Joined:Oct 2005	Message Posted: Jul 28, 2012 10:50:47 AM Ignore Jeffro61 Report Abuse Ok
FOURXFOUR Champion Author Boston Posts:2,476 Points:1,249,155 Joined:Aug 2005	Message Posted: Jul 28, 2012 10:47:41 AM Ignore FOURXFOUR Report Abuse wow
mazdaboy Champion Author Portland Posts:7,898 Points:2,100,205 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:8,750 Points:1,778,415 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:9,682 Points:2,621,580 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:8,007 Points:1,949,465 Joined:Apr 2005	Message Posted: Jul 28, 2012 10:35:21 AM Ignore THEDodgeman Report Abuse good
EJH22 Veteran Author Detroit Posts:468 Points:444,320 Joined:Aug 2011	Message Posted: Jul 28, 2012 10:35:09 AM Ignore EJH22 Report Abuse ok
TRAIN RIDER Champion Author San Bernardino Posts:9,092 Points:2,759,770 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:3,892 Points:160,905 Joined:Mar 2011	Message Posted: Jul 28, 2012 10:33:18 AM Ignore trugasCA Report Abuse me too
nascar1411 Champion Author Idaho Posts:1,908 Points:664,265 Joined:Nov 2010	Message Posted: Jul 28, 2012 10:31:06 AM Ignore nascar1411 Report Abuse ok
kirzon484 Champion Author Atlanta Posts:1,876 Points:435,235 Joined:Jun 2011	Message Posted: Jul 28, 2012 10:28:26 AM Ignore kirzon484 Report Abuse k
Prodaddy Champion Author Houston Posts:8,390 Points:1,897,135 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:5,956 Points:1,400,940 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:2,739 Points:1,355,355 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:7,287 Points:2,294,200 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:1,953 Points:372,200 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:2,555 Points:685,330 Joined:Mar 2009	Message Posted: Jul 28, 2012 10:22:37 AM Ignore eswi Report Abuse OK
DrLyon Champion Author Michigan Posts:6,660 Points:1,213,780 Joined:May 2006	Message Posted: Jul 28, 2012 10:22:26 AM Ignore DrLyon Report Abuse So it goes...
red5529 Champion Author Alabama Posts:4,269 Points:1,460,860 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:7,225 Points:1,679,820 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:6,799 Points:1,467,295 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:1,353 Points:141,225 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:3,776 Points:770,785 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:1,678 Points:655,965 Joined:Apr 2011	Message Posted: Jul 28, 2012 10:17:35 AM Ignore Donliberty Report Abuse k
harleyhusker Veteran Author South Dakota Posts:411 Points:708,170 Joined:Dec 2005	Message Posted: Jul 28, 2012 10:17:26 AM Ignore harleyhusker Report Abuse oohh..
gils Champion Author Ohio Posts:1,711 Points:646,650 Joined:Feb 2011	Message Posted: Jul 28, 2012 10:17:15 AM Ignore gils Report Abuse ok
bart_reed Champion Author Los Angeles Posts:3,984 Points:787,580 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:2,054 Points:463,865 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:2,723 Points:1,046,395 Joined:Nov 2007	Message Posted: Jul 28, 2012 10:14:54 AM Ignore essel Report Abuse ok
JWHITE1937 Champion Author Massachusetts Posts:2,534 Points:998,955 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:2,044 Points:382,045 Joined:Nov 2008	Message Posted: Jul 28, 2012 10:12:23 AM Ignore q2 Report Abuse ok
Tnerbeel Champion Author Houston Posts:8,835 Points:1,750,785 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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