PETRONAS, the Malaysian national oil and gas company, and Progress Energy Resources Corp. (Progress) reported that PETRONAS' Canadian subsidiary, PETRONAS Carigali Canada Ltd (PETRONAS Canada), and Progress have entered into an agreement for the purchase by PETRONAS Canada of all of Progress' outstanding common shares at a cash price of C$20.45 per share.

Including the amount to be paid for Progress' outstanding convertible debentures, the transaction is valued at approximately C$5.5 billion. The transaction is to be completed by way of an arrangement under the Business Corporations Act (Alberta).

Tags: PETRONAS