Nexen, Progress foreign takeover deals approved by Canadian government [View all]
Source: The Globe and Mail
The federal government has approved two controversial takeovers by Asian state-owned enterprises of Canadian oil companies, but will block any further acquisitions in the oil sands by such government-owned firms.
Prime Minister Stephen Harper late Friday announced a tough new foreign investment policy that erects major hurdles for acquisitions by state-owned enterprises, even while welcoming non-controlling investment from them.
Barring state-controlled investors from new takeovers in Canada’s oil sands and making it tougher for these entities to buy assets elsewhere in the country is the latest populist move from a government that has shown it has no qualms about keeping unwanted capital at bay.
“To be blunt, Canadians have not spent years reducing ownership of sectors of the economy by our own governments only to see them bought and controlled by foreign governments instead,” Mr. Harper told reporters.
Read more: http://www.theglobeandmail.com/globe-investor/nexen-progress-foreign-takeover-deals-approved-by-canadian-government/article6107548/
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