Financial Times (October 21)
2012/ 10/ 23 by jd in Global News
Two years ago, Canada blocked a $39 billion takeover of Potash by BHP Billiton. Last week, Canada blocked a $5.3 billion takeover by Petronas of Progress Energy Resources. The decision was misguided, threatening a deal that is good for Progress shareholders and for Canada’s industry. Worse than the ruling itself, though, was the arbitrary and opaque process from which it emerged.” Until a clear framework is established, “it will be understandable if investors believe their money is no longer welcome in Canada.” Next month should be telling as Canada will decide whether to approve CNOC’s $15 billion takeover of Nexen.
