Petronas-Progress Energy Wedding
The Kuala Lampur-listed Petronas, has offered to buy Progress Energy Inc (PGN.N) for C$5.5 billion. The deal was signed Thursday, Petronas said in a statement Reuters

Malaysian natural oil and gas company Petroliam Nasional Bhd. (Petronas) has agreed to pay $5.35 billion in cash for Canadian natural gas counterpart Progress Energy Resources Corp. (TSE:PRQ), the companies said Thursday.

Petronas will build a liquified natural gas plant in British Columbia, Canada, to export natural gas produced by Progress Energy Resources wells to Asian markets.

Shares of Progress Energy Resources rocketed 74 percent, or $8.52, to $20.06 in afternoon trading.

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