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Canada's Progress to delist next week

Published By United Press International
CALGARY, Alberta, Dec. 14 (UPI) -- Progress Energy announced its acquisition by Petronas was completed and the Canadian company will be delisted from the Toronto stock exchange next week.

"With the completion of the arrangement, the common shares, the 2014 Debentures and the 2016 Debentures are expected to be delisted from the Toronto Stock Exchange on or about Dec. 17, 2012," the company stated.

This week, the Canadian government approved of a similar deal between energy company Nexen and the China National Offshore Oil Corp. That deal needs approval from other governments, however, because of Nexen's foreign holdings.

Progress Chief Executive Officer and President Michael Culbert said the acquisition would help pave the way to a liquefied natural gas business in Canada.

"Canada has great potential in the global LNG market -- a growing market that's already worth more than $300 billion per year," he said in a statement.

Culbert said first gas from a LNG project in the Pacific Northwest was expected by 2018.

Shareholders approved the deal in August.
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Tour de France concludes in Paris
Race winner Bradley Wiggins of Great Britain (C) stands between second place finisher Christopher Froome of Great Britain (L) and third place finisher Vincenzo Nibali of Italy on the presentation podium following the final stage of the Tour de France in Paris on July 22, 2012. Wiggins of Great Britain became that country's first ever overall winner of the Tour de France. UPI/David Silpa