Reuters: Global Markets: Nexen, Progress rally after Canada clears foreign takeovers

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Nexen, Progress rally after Canada clears foreign takeovers Dec 10th 2012, 15:57 Tweet Share this Email Print Related News Canada OK's foreign energy takeovers, but slams door on any more Sat, Dec 8 2012 Canada approves Nexen and Progress Energy bids Fri, Dec 7 2012 Canada approves China, Malaysia energy company takeovers Fri, Dec 7 2012 Nexen, Progress skid after Ottawa sets media briefing Fri, Dec 7 2012 UPDATE 3-Canada says deadline on CNOOC bid ruling could be delayed Wed, Dec 5 2012 Analysis & Opinion Rob Ford's football frenzy America's geopolitical gusher Related Topics Hot Stocks » Asian Markets » The Nexen building is seen in downtown Calgary, Alberta, July 23, 2012. Credit: Reuters/Todd Korol By Claire Sibonney TORONTO | Mon Dec 10, 2012 10:57am EST TORONTO (Reuters) - Shares of Canadian takeover targets Nexen Inc (NXY.TO) and Progress Energy Resources Corp (PRQ.TO) jumped on Monday after the Canadian government approved the two controversial bids for the oil companies by state-owned enterprises. Nexen was up 14.3 percent to C$26.61 on Canada's green light for China's biggest foreign takeover, the $15.1 billion acquisition by CNOOC Ltd (0883.HK). Progress Energy climbed 13.4 percent to C$21.96 on the go-ahead for the $5.3 billion takeover by Malaysia's Petronas PETR.UL. But some smaller oil sands plays were hurt after Canada announced new rules limiting future acquisitions by foreign state-owned enterprises. Meg Energy Corp (MEG.TO) and Athabasca Oil Corp (ATH.TO) both fell 3 percent in early trading and were two of the biggest weights on the broader Toronto market. The mixed market reaction to Canada's ruling follows months of heated debate about how much of Canada's energy sector could and should be absorbed by companies run by other nations. The greater clarity on foreign investment rules could buoy stocks of companies seen as likely takeover targets. However, some analysts cautioned that by drawing a line in the sand against future acquisitions by foreign state-owned enterprises, the Canadian government could be seen as raising hurdles for takeovers in general. (Additional reporting by Solarina Ho; Editing by Sofina Mirza-Reid) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions