TORONTO -- Canada has blocked the Malaysian state-owned oil firm Petronas' $5.2 billion (C$5.17 billion) bid for gas producer Progress Energy Resources (PRQ:Toronto), saying the proposed investment would not provide a net benefit to Canada.Federal Industry Minister Christian Paradis did not explain his decision in a statement released just before midnight Friday, saying only that it was made after a careful and thorough review of the proposed transaction.
Canada Blocks Petronas' Bid for Progress Energy Resources
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