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Bharat Vasandani Madhavan N. & Hari... Urvish Dave

Market & Company Research Store > Details

Year: 2012

Contents: 8 pages

Country: Canada

Sector: Exploration and Production (Energy)
PETRONAS to Acquire Progress Energy for $5.36 Billion to Increase LNG Exports to Asia - Deal Analysis from GlobalData

Summary

Petroliam Nasional Berhad (PETRONAS), through its subsidiary PETRONAS CarigaliCanada Ltd., agreed to acquire Progress Energy Resources Corp. (Progress) for a purchase consideration of approximately CAD5,500m ($5,364.75m) or CAD20.45 ($19.95) per share in cash and debt. The offer price represents a premium of 77% on the closing price of CAD11.55 ($11.24) per Progress share on June 27, 2012. The transaction has been unanimously approved by the Progress board of directors. Bank of America Merrill Lynch is acting as financial advisor, while Norton Rose Canada LLP is acting as legal advisor to PETRONAS. BMO Capital Markets Corp. and Scotia Waterous Inc. are acting as financial advisor, while Burnet, Duckworth and Palmer LLP is acting as legal advisor to Progress in the transaction. The transaction is expected to be completed in late September 2012, subject to customary closing conditions, including receipt of court, shareholder and regulatory approvals, and approval of two-thirds of the votes cast by Progress’ shareholders in person or by proxy at the meeting. The transaction implies a deal value of $114,714.75 per boe of daily production.

Scope

- Rationale behind acquisition of Progress Energy by PETRONAS
- Stratigic benefits for the companies involved in the transaction
- Geography covered - Canada

Reasons to buy

- Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures undertaken by PETRONAS. Rationale behind the acquisition of Progress Energy.
- Identify the reason of PETRONAS acquiring Progress Energy

Keywords

Shell, Light oil, LNG, Export
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