Reuters: Hot Stocks: UPDATE 2-Nexen, Progress skid after Ottawa sets media briefing

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UPDATE 2-Nexen, Progress skid after Ottawa sets media briefing Dec 7th 2012, 21:32 Fri Dec 7, 2012 3:47pm EST (Recasts and adds details) OTTAWA Dec 7 (Reuters) - Shares of Nexen Inc and Progress Energy Resources Corp tumbled after the Canadian government scheduled a media briefing on Friday amid expectations that it would announce decisions on high-profile bids by China's CNOOC Ltd and Malaysia's Petronas to buy the energy producers. The decisions, along with expected new government guidelines on acquisitions of Canadian companies by state-owned enterprises, would follow months of debate over how much of Canada's energy sector should be controlled foreign oil companies. Investors have watched closely developments. CNOOC has offered $15.1 billion to buy Nexen and Petronas has bid C$5.2 billion for Progress. The Progress deal was already rejected by the government once. Canada's Industry Ministry said it would hold a media briefing at 4 p.m. (2100 GMT) on Friday with information embargoed until 5 p.m., and Prime Minister Stephen Harper will make a statement at 5:15 p.m, the government said. Industry Canada gave no topic for the announcement. Shares of Nexen Inc were down $1.90, or 8 percent, at $23.27 on the New York Stock Exchange, well under CNOOC's $27.50 bid price. The shares were briefly halted after news of the announcement. Progress sank 35 Canadian cents, or 2 percent, to C$19.90 in Toronto. Petronas has bid $22. ($1=$0.99 Canadian) (Reporting by Louise Egan and David Ljunggren in Ottawa; Additional reporting by Solarina Ho and Alastair Sharp in Toronto; Writing by Jeffrey Jones; Editing by Frank McGurty) Link this Share this Digg this Email Reprints

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