CALGARY, Alberta: Malaysia's Petronas completed its C$5.2 billion ($5.3 billion) takeover of Progress Energy Resources Corp on Wednesday, a deal that was expected to have sailed through Canada's approval process but got ensnared in a heated national debate about foreign control of energy assets.
The government of Prime Minister Stephen Harper approved the transaction on Friday, along with the $15.1 billion acquisition of Nexen Inc by China's state-owned CNOOC Ltd , following months of deliberation.
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