Oliver says public opinion part of government's foreign takeover deliberations
October 24, 2012 - 12:10 PM
OTTAWA - Natural Resources Minister Joe Oliver says Canada is a democracy and public opinion plays a factor in the Conservative government's decisions on foreign takeovers.
Public sentiment is not a criteria listed in the Canada Investment Act but the Harper government appears to be wrestling with voter opinion as it applies the "net benefit" test to foreign takeover bids — especially by state-owned enterprises.
Prime Minister Stephen Harper has said clearer new rules will be drafted in the wake of his government's decision to reject a proposed takeover of Alberta's Progress Energy by a Malaysian state-owned oil and gas company.
A $15-billion bid by China's National Offshore Oil Corp. for Nexen Inc., is the next decision looming for the Conservative government.
Following a Conservative caucus meeting in Ottawa, the natural resources minister was asked directly if public opinion is part of the criteria for determining net benefit.
Oliver responded that Canada "is a democracy, and the government takes into account the opinions of Canadians" — but added he had no comment beyond that.
News from © The Canadian Press, 2012