Malaysia’s state-owned oil-and-gas company Petroliam Nasional Bhd. said it has agreed to buy Canada’s Progress Energy Resources Corp. in a deal worth about 5.5 billion Canadian dollars (US$5.36 billion), marking the latest foray into the North American energy patch by an Asian firm.
Petronas, which already has a joint venture arrangement with the Canadian natural-gas producer, said it’s offering C$20.45 a share for Progress, a 77% premium to the Calgary company’s closing price Thursday.
In April, Petronas was reported to have been considering a major acquisition in Canada, prompting Progress to issue a statement saying it wasn’t in talks with Petronas outside of its joint-venture deal.
