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Canada may continue talks with Malaysia's Petronas

CALGARY/TORONTO--Canada could still approve the CA$5.17 billion (US$5.22 billion) acquisition of Progress Energy Resources Corp. by Malaysian state oil company Petronas, the country's finance minister said on Sunday, despite blocking the bid late last week.

While observers predict a chaotic market reaction following the federal government's statement late on Friday that the deal did not provide the “net benefit” required from foreign buyers under the Investment Canada Act, Finance Minister Jim Flaherty said on Canadian television that negotiations continue.

“I'm not involved in those discussions directly. The minister of industry is,” Flaherty said in an interview on CTV's “Question Period.”

“I'm sure they'll continue to work on it. There's another period of time during which they can continue to have discussions and try to satisfy the concerns that the Department of Industry has.”

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