Middle East makes inroads into Alberta oil patch
Posted by walker on May 29th, 2007
In a startling reversal of history, a Middle Eastern energy company is pushing into the Canadian oil and gas market looking for secure supplies, and, thanks to a battle with activist shareholders on this continent, it may be getting a good deal in the process.
The sale comes less than two years after Pogo bought the Canadian company for $1.8-billion and appears to have been the result of heavy pressure from activist investors, led by Third Point LLC, an aggressive U.S. hedge fund led by Daniel Loeb, who have been unhappy with Pogo’s performanc
