Petronas Ups the Ante for Progress Energy, Talison Weighs Offers: Merger and Acquisition Wrap
Petroliam Nasional, or Petronas, which is again hoping for approval of its $5.2 billion purchase of Progress Energy Resources (PRQNF.PK), is now proposing a public offering of its shares within five years as a concession to Canada, says an inside source, which added that Petronas has offered to sell Progress Energy shares three to five years subsequent to the closing of the takeover. However, last month’s rejection of the original acquisition has led to doubts concerning the openness of Canadian Prime Minister Stephen Harper’s government to foreign investment and especially as to whether this is a harbinger of difficulty for the now famous proposal by Cnooc Limited (NYSE:CEO) to buy Nexen (NYSE:NXY).
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The Australian metals producer Talison Lithium (TLTHF.PK) will commence discussions with Chengdu Tianqi Industry Group Co. so as to see if that firm’s $807 million acquisition offer is superior to a rival bid by the American chemicals supplier Rockwood Holdings (NYSE:ROC), which agreed in August to purchase Talison for C$6.50 per share. On Tuesday, Rockwood issued a statement in which it was affirmed that it marks its final offer.
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