Canada gives extra time to Petronas and Nexen

The delays come as Canada considers new rules for state-controlled entities in the broader economy, including the energy sector

Canada’s regulatory authorities have extended the deadlines for a pair of high-profile takeovers by Petronas and China National Offshore Oil Corporation (Cnooc). The government will now have an extra 30 days, until 10 December, to decide the fate of Cnooc’s C$15.1 billion ($15.11bn) offer for Calgary-based Nexen. Meanwhile, Petronas has resubmitted its C$5.1bn bid for Progress Energy. Its original offer was blocked by the government on 19 October, on the grounds the deal would not benefit Canada. The government will now make a decision by 30 November, although the review can be further delayed in 30-day increments for an additional 90 days. The decision comes as Canadian officials ponder gui