OTTAWA: Canadian Prime Minister Stephen Harper has reversed an initial rejection of Petronas' C$5.2bil (RM16bil) takeover of Progress Energy Resources Corp following an intervention by Datuk Seri Najib Tun Razak.
Correspondence between the two leaders showed that Malaysia promised that Petronas would invest C$68bil to C$70bil (RM209.4bil to RM215.6bil) over 30 years to develop the natural gas reserves of Calgary-based Progress, according to a Nov 2 letter obtained by Bloomberg News.
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