Petronas Tries Again For Progress Energy, Ford Divests Visteon Unit: Merger and Acquisitions Update

Even though the government of Canada has already blocked the transaction, Petronas says that it will renew its C$5.17 billion ($5.2 billion) proposal to purchase Progress Energy (PRQNF.PK), says Reuters. The former is evaluating the steps necessary assure Canada that the deal would indeed provide a “net benefit” to the country, as is required. However, there is a complication: sources believe that okaying this deal would make it far harder for the government to reject Cnooc’s (NYSE:CEO) now-famous $15.1 billion bid for Nexen (NYSE:NXY).

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Ford Motor Company (NYSE:F) will divest its climate-control division to Detroit Thermal Systems, which is a joint venture of France’s Valeo and entrepreneur Vincent Johnson. Financials of the deal have not been divulged, but the sale is significant, in that it marks the final step in a 2006 strategy to reduce Ford’s North American workforce and sell off its Visteon Corporation (NYSE:VC) parts facilities. Mark Fields, who might become Ford’s next chief executive, put the deal in place.

Don’t Miss: Ford Leads The European Unemployment Parade.