Published: Wednesday August 29, 2012 MYT 5:11:00 PM
Updated: Wednesday August 29, 2012 MYT 5:21:46 PM
Petronas gets Progress Energy shareholders' nod for acquisition
By Joseph Chin
Progress Energy said on its website late Tuesday the shareholders had approved the acquisition of the company by Petronas Carigali Canada Ltd under a plan of arrangement.
"Under the arrangement, holders of common shares will receive C$22 in cash per common share held," it said.
Progress Energy agreed in late June to a C$4.8bil takeover by Petronas after rejecting two acquisition proposals from a "multi-national oil company" that it said didn't appropriately value the Canadian gas producer, according to a July 20 regulatory filing.
Progress Energy said the arrangement was approved by about 99.85% of the votes cast by Progress shareholders present or represented by proxy at the special meeting of security holders.
The arrangement was also approved by about 99.99% of the principal amount of the 2014 Debentures and 99.98% of the principal amount of the 2016 Debentures voted on the Arrangement resolution.
“Assuming an effective date of Sept 25, 2012, the cash consideration under the Arrangement for each C$1,000 principal amount of debentures, excluding accrued interest and notional interest, is approximately C$1,265 for the 2014 Debentures and C$1,213 for the 2016 Debentures,” it said.