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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:18,834 Points:1,638,195 Joined:Nov 2008	Message Posted: Jul 31, 2012 4:49:39 AM Ignore honda0105 Report Abuse nice way to raise the stock price?
FuelishGuy All-Star Author Edmonton Posts:823 Points:950,855 Joined:Oct 2008	Message Posted: Jul 29, 2012 11:17:08 AM Ignore FuelishGuy Report Abuse The next headline will read: "China's CNOOC To Buy Petronas"
ExplorerWA Champion Author Washington Posts:4,240 Points:824,950 Joined:Feb 2011	Message Posted: Jul 28, 2012 9:35:11 PM Ignore ExplorerWA Report Abuse Let's develop our vast resources before its too late.
LilRedWagonIN Champion Author Indiana Posts:7,912 Points:1,581,110 Joined:Oct 2008	Message Posted: Jul 28, 2012 3:03:13 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:3,892 Points:1,146,815 Joined:Apr 2006	Message Posted: Jul 28, 2012 2:05:25 PM Ignore Wierbe Report Abuse Sale goes to the highest bidder. Is this news?
tomok Champion Author Portland Posts:33,600 Points:2,373,210 Joined:Aug 2006	Message Posted: Jul 28, 2012 10:28:01 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:9,045 Points:1,761,020 Joined:Jun 2008	Message Posted: Jul 28, 2012 10:15:47 AM Ignore hank1326 Report Abuse Time will tell the truth.
Jeffro61 Champion Author Cleveland Posts:2,408 Points:2,310,945 Joined:Oct 2005	Message Posted: Jul 28, 2012 9:50:47 AM Ignore Jeffro61 Report Abuse Ok
FOURXFOUR Champion Author Boston Posts:2,516 Points:1,266,605 Joined:Aug 2005	Message Posted: Jul 28, 2012 9:47:41 AM Ignore FOURXFOUR Report Abuse wow
mazdaboy Champion Author Portland Posts:8,029 Points:2,125,955 Joined:Aug 2003	Message Posted: Jul 28, 2012 9:46:18 AM Ignore mazdaboy Report Abuse "Progress did not name the third party that made the unsolicited offer" Probably China.
Wolfwings Champion Author Delaware Posts:8,881 Points:1,804,165 Joined:May 2004	Message Posted: Jul 28, 2012 9:45:56 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 9:42:56 AM Ignore LoadToad Report Abuse Interesting.
Don20 Champion Author Oklahoma City Posts:9,814 Points:2,647,330 Joined:Mar 2005	Message Posted: Jul 28, 2012 9:40:33 AM Ignore Don20 Report Abuse This normal business, take to high bid..
THEDodgeman Champion Author Denver Posts:8,137 Points:1,975,215 Joined:Apr 2005	Message Posted: Jul 28, 2012 9:35:21 AM Ignore THEDodgeman Report Abuse good
EJH22 All-Star Author Detroit Posts:578 Points:469,170 Joined:Aug 2011	Message Posted: Jul 28, 2012 9:35:09 AM Ignore EJH22 Report Abuse ok
TRAIN RIDER Champion Author San Bernardino Posts:9,222 Points:2,785,520 Joined:Oct 2004	Message Posted: Jul 28, 2012 9:33:25 AM Ignore TRAIN RIDER Report Abuse As long as China doesn't get it.
trugasCA Champion Author California Posts:4,109 Points:172,890 Joined:Mar 2011	Message Posted: Jul 28, 2012 9:33:18 AM Ignore trugasCA Report Abuse me too
nascar1411 Champion Author Idaho Posts:2,033 Points:690,015 Joined:Nov 2010	Message Posted: Jul 28, 2012 9:31:06 AM Ignore nascar1411 Report Abuse ok
kirzon484 Champion Author Atlanta Posts:2,006 Points:460,985 Joined:Jun 2011	Message Posted: Jul 28, 2012 9:28:26 AM Ignore kirzon484 Report Abuse k
Prodaddy Champion Author Houston Posts:8,521 Points:1,922,885 Joined:May 2007	Message Posted: Jul 28, 2012 9:28:01 AM Ignore Prodaddy Report Abuse This is interesting
CISA Champion Author Orange County Posts:6,046 Points:1,419,640 Joined:Dec 2006	Message Posted: Jul 28, 2012 9:27:27 AM Ignore CISA Report Abuse this is one gov't that pays market price w/o nationalizing it!
mrservonics Champion Author Boston Posts:2,869 Points:1,381,105 Joined:May 2005	Message Posted: Jul 28, 2012 9:24:14 AM Ignore mrservonics Report Abuse Don't like control going to Malaysia.
dopster Champion Author Toledo Posts:7,443 Points:2,319,950 Joined:Aug 2004	Message Posted: Jul 28, 2012 9:24:00 AM Ignore dopster Report Abuse This is natural gas export, not oil sands!
BeaconLite Champion Author Ottawa Posts:2,080 Points:396,955 Joined:Sep 2009	Message Posted: Jul 28, 2012 9:23:42 AM Ignore BeaconLite Report Abuse I wish they would keep the Canadian resources owned by Canadians.
eswi Champion Author Madison Posts:2,686 Points:711,080 Joined:Mar 2009	Message Posted: Jul 28, 2012 9:22:37 AM Ignore eswi Report Abuse OK
DrLyon Champion Author Michigan Posts:6,769 Points:1,239,365 Joined:May 2006	Message Posted: Jul 28, 2012 9:22:26 AM Ignore DrLyon Report Abuse So it goes...
red5529 Champion Author Alabama Posts:4,384 Points:1,485,935 Joined:Mar 2008	Message Posted: Jul 28, 2012 9:19:36 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:7,350 Points:1,703,845 Joined:Jul 2007	Message Posted: Jul 28, 2012 9:19:00 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:6,929 Points:1,493,045 Joined:Oct 2008	Message Posted: Jul 28, 2012 9:18:48 AM Ignore hwmillerster Report Abuse The East Asians have money to burn.
unclenorman Champion Author Tampa Posts:1,479 Points:166,855 Joined:Jan 2012	Message Posted: Jul 28, 2012 9:18:41 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:3,892 Points:795,980 Joined:Feb 2011	Message Posted: Jul 28, 2012 9:18:24 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 9:18:02 AM Ignore vizilo Report Abuse some countries still like Canada's oil
Donliberty Champion Author New York Posts:1,809 Points:681,715 Joined:Apr 2011	Message Posted: Jul 28, 2012 9:17:35 AM Ignore Donliberty Report Abuse k
harleyhusker Veteran Author South Dakota Posts:421 Points:728,595 Joined:Dec 2005	Message Posted: Jul 28, 2012 9:17:26 AM Ignore harleyhusker Report Abuse oohh..
gils Champion Author Ohio Posts:1,711 Points:646,975 Joined:Feb 2011	Message Posted: Jul 28, 2012 9:17:15 AM Ignore gils Report Abuse ok
bart_reed Champion Author Los Angeles Posts:4,115 Points:813,330 Joined:Mar 2011	Message Posted: Jul 28, 2012 9:17:01 AM Ignore bart_reed Report Abuse What a deal.
rampower80 Champion Author Kentucky Posts:2,174 Points:489,165 Joined:Jan 2012	Message Posted: Jul 28, 2012 9:15:59 AM Ignore rampower80 Report Abuse The ragin' asians are taking over the world.
essel Champion Author Virginia Posts:2,833 Points:1,067,270 Joined:Nov 2007	Message Posted: Jul 28, 2012 9:14:54 AM Ignore essel Report Abuse ok
JWHITE1937 Champion Author Massachusetts Posts:2,667 Points:1,024,705 Joined:Aug 2006	Message Posted: Jul 28, 2012 9:14:18 AM Ignore JWHITE1937 Report Abuse more control of fuel by third world?
q2 Champion Author Alberta Posts:2,174 Points:407,045 Joined:Nov 2008	Message Posted: Jul 28, 2012 9:12:23 AM Ignore q2 Report Abuse ok
Tnerbeel Champion Author Houston Posts:8,970 Points:1,776,515 Joined:Mar 2007	Message Posted: Jul 28, 2012 9:12:21 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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