Progress Energy Resources tries to overcome rejection of US$5.2B buyout deal

摘要

Progress Energy will try to overcome government objections to its proposed takeover by Malaysia's Petronas. The US$5.2 billion buyout deal was unexpectedly rejected in the 11~(th) hour. Michael Culbert, president and CEO of Progress expressed disappointment. The rejection could spell trouble for the proposed US$15.1. billion takeover of Nexen by a Chinese company as well. Both Canadian and U.S. regulators must approve that deal. "Progress will be working over the next 30 days to determine the nature of the issues and potential remedies," Culbert said.