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Petronas Launches a C$4.8 Billion Takeover Bid for Progress Energy
Jun. 28, 2012 05:40PM PST
Oil and Gas InvestingReuters reported that Petronas launched a C$4.8 billion takeover bid for Progress Energy Resources Corp.
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.