Natural gas producer Progress Energy Resources is expressing its disappointment after the federal government rejected a Malaysian state-owned energy giant's proposed takeover bid for the Calgary company.
Malaysia's Petronas is offering $6 billion in its attempt to takeover Progress  but after a detailed review, Industry Minister Christian Paradis refused to approve the transaction.
The minister said Friday that he informed Petronas he was ``not satisfied that the proposed investment is likely to be of net benefit to Canada.''
Under the Investment Canada Act, Petronas has up to 30 days to make changes to the proposed deal and send it back to Ottawa for another review.
In a statement issued on Saturday, Progress expressed its displeasure at Paradis' decision.