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Canada blocks Petronas' bid for Progress Energy - AP
TORONTO — Canada has blocked the Malaysian state-owned oil firm Petronas' US$5.2 billion (CA$5.17 billion) bid for gas producer Progress Energy Resources, 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.

"Due to the strict confidentiality provisions ...


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