from zero hedge by Tyler Durden
In a surprising (if not quite shocking) move, late on Friday
Canada blocked Petroliam
Nasional Bhd.’s C$5.2 billion takeover of Progress Energy Resources
Corp. saying the bid by the Malaysian state-owned company "wasn’t in
Canada’s national interests." As
BusinessWeek
explains, "in what investors say is a test case for the $15.1 billion
bid by CNOOC Ltd. of China for Calgary-based Nexen Inc., the Canadian
government said it “
was not satisfied that the proposed investment is likely to be of net benefit to Canada,” according to an Oct. 19 statement from Industry Minister Christian Paradis." While it is unclear precisely what
would be
of "net benefit to Canada" what is certain is that the Progress Energy
move will crush investor spirits who in recent months have expected a
flurry of foreign bids coming for local energy names, only to be left at
the altar courtesy of government intervention.
http://www.zerohedge.com/news/2012-10-21/historic-first-china-begins-oil-extraction-afghanistan
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