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+--- Thread: Canada rejects Petronas bid; Cnooc next? (/thread-7467.html)
Canada rejects Petronas bid; Cnooc next? - Captain - 10-22-2012
[color=rgb(51, 51, 51)]NEW YORK (MarketWatch) — Canada’s surprise decision to block a multibillion-dollar foreign bid for a local natural-gas company may spell bad news for other, similar deals in the energy sector.[/color]
[color=rgb(51, 51, 51)]The Canadian government said late Friday that it would not allow Malaysia’s Petroliam Nasional Bhd. to go ahead with its proposed 5.2 billion Canadian dollar (US$5.2 billion) acquisition of natural-gas producer Progress Energy Resources Corp., according to media reports[/color][color=rgb(51, 51, 51)]It didn't say why it nixed the deal, but Canadian law requires such deals be of “net benefit†to the country’s economy, said The Wall Street Journal.
As well as frustrating Petronas’ effort to buy Progress Energy, Canada’s decision could mean bad news for China National Offshore OIl Corp. (Cnooc[/color][color=rgb(0, 124, 29)]HK:883 +0.49%[/color][color=rgb(51, 51, 51)]]which in July offered to buy oil producer Nexen Inc.[/color][color=rgb(180, 0, 0)]CA:NXY [/color][color=rgb(181, 0, 0)]-0.98%[/color][color=rgb(180, 0, 0)]NXY [/color][color=rgb(181, 0, 0)]-6.40%[/color] for $15.1 billion.
Petronas has so far declined to comment on the decision, according to a report Saturday by Reuters. The news agency said the Progress deal was an important step for Petronas, which is seeking to expand beyond its borders. Buying into Canada would give it a more stable country to invest in after fighting between South Sudan and Sudan led Petronas to close most of its pipelines there.
Re: Canada rejects Petronas bid; Cnooc next? - chairman - 10-22-2012
canada is closed for business
Re: Canada rejects Petronas bid; Cnooc next? - Kwami - 10-22-2012
The french tried this with the Mittal brothers when they tried to take over Arcelor steel of Europe, playing the nationalist and the race card but Manmohan Singh retaliated by threatning to shut out all French companies from doing buisness in India and before you knew it the French folded and approved the deal.
Today Arcelor Mittal is the largest steel company in the world.
The Canadians will regret this since Malayaia is one of the fastest growing Economies in the world.
They will approve the Chinese take over of Nexen though because of the fear of retaliation
Re: Canada rejects Petronas bid; Cnooc next? - ketchim - 10-22-2012
Malaysia is an Islamic state :
Canada just kicked out Iran diplomats....
Re: Canada rejects Petronas bid; Cnooc next? - Kwami - 10-22-2012
[quote author=ketchim link=topic=72770.msg451340#msg451340 date=1350920485]
Malaysia is an Islamic state :
Canada just kicked out Iran diplomats....
[/quote] Wrong , Malysia is a secular state where the majority of the population are muslims
Re: Canada rejects Petronas bid; Cnooc next? - chairman - 10-23-2012
Nexen Sale Said to Turn on China Backing Canada DealsQ Canada plans to ask China to allowseveral transactions in exchange for approval of state-ownedCnooc Ltd.’s $15.1 billion bid for Nexen Inc., said a personwith knowledge of the matter.
Re: Canada rejects Petronas bid; Cnooc next? - chairman - 10-23-2012
Google and Microsoft are trying to diversify in the face of disappointing earnings http://thebea.st/S0hqKb