PETRONAS acquires Progress Energy for Cdn$5.5 billion
PETRONAS has agreed to acquire Progress Energy for US$5.3 billion - the largest ever acquisition of a North American company by an Asian NOC. The deal builds on the US$1.1 billion strategic partnership that the companies announced in 2011. Central to the deal is Progress' mammoth position in the Montney tight gas play of northeast British Columbia. With depressed domestic gas prices, the deal's success hinges on PETRONAS' ability to develop LNG export capacity on the west ...