Financial Times: Petronas seeks to sway Canada on Progress

Petronas, Malaysia’s state-owned oil and gas group, has embarked on a two-pronged effort to overturn Canada’s opposition to its proposed C$5.3bn acquisition of Progress Energy Resources, offering to revamp the Progress board and insisting that Petronas is run like a publicly listed company.

The move is designed to persuade Canada’s industry minister, Christian Paradis, to drop his opposition to the proposed purchase of Progress as not being of “net benefit” to Canada.  MORE