Petronas Launches a C$4.8 Billion Takeover Bid for Progress Energy

Reuters reported that Petronas launched a C$4.8 billion takeover bid for Progress Energy Resources Corp.

As quoted in the market news:

Petronas’s friendly bid for Progress, at C$20.45 a share, represents a hefty 77 percent premium on the stock’s Wednesday closing price. It spurred investors to drive up the shares of other Canadian producers with shale gas assets at a time when they had been languishing due to depressed gas prices.

Click here to read the full Reuters report.