Petroliam Nasional, Malaysia’s state-owned oil and natural-gas company, is planning on expanding its exploration in Canada. The company announced it will be acquiring Progress Energy Resources Corp. (NYSE:PRQ) for around $4.67 billion. This decision came after Petronas decided to buy a stake in three of Progress Energy’s gas fields last year. The company’s Chief Executive Officer seemed to like what he saw and agreed to the transaction.Petronas will buy Progess Energy for $20.45 canadian per share, a 77% premium over the closing price yesterday in Toronto. This marks the biggest purchase ever for Petronas in its company’s history.Progress Energy is skyrocketing on the Toronto Stock Exchange, up over 74% to $20.10 a share.
