Reuters is reporting Monday that Malaysian state oil firm Petronas will renew a bid for Canadian gas producer Progress Energy Resources (TSX: T.PRQ, Stock Forum), this following a decision earlier this month by the Canadian government to block the deal.
Industry Minister Christian Paradis, though, gave Petronas a 30-day window to amend its bid.
Reuters cited sources saying that the Canadian government wanted to approve the deal but was afraid that it would tie its hands when reviewing the $15.1 billion bid by China's CNOOC Ltd for Nexen.
Two Petronas sources told Reuters on Monday that the company agreed to the extension and was eager to complete the acquisition. "Petronas will go all the way to secure this deal. It is important to Petronas that the deal is done," one of the sources said.