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Third party offer forces Petronas to up bid

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As of Friday, the deal is now worth a total of $5.9 billion.

Progress has not yet publicly commented on the situation, however, a spokesman from the company told Bloomberg News that due to a confidentiality agreement, the third party involved could not be identified.

News of the new bid had some positive effects on Progress’ shares; as of 2 p.m. Eastern Time, the company’s shares on the Toronto Stock Exchange were trading at $22.65, when it was previously trading at $20.45.

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Progress has maintained a joint venture with Petronas since last year. The Malaysian company paid $1.1 billion in June of 2011 for a 50 per cent stake in its Montney properties, with plans to collaborate in building a liquefied natural gas terminal on the B.C. coast to ship to LNG to Asia.

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