Nexen takeover bid raises difficult policy questions for government, Harper says

Nexen takeover bid raises difficult policy questions for government, Harper says

By Jason Fekete, Postmedia News October 4, 2012

A security officer keeps watch outside the headquarters of China National Offshore Oil Corp (CNOOC) in Beijing in this February 19, 2008 file photograph. China's top offshore oil producer CNOOC, is hoping to buy Calgary energy company Nexen.
A security officer keeps watch outside the headquarters of China National Offshore Oil Corp (CNOOC) in Beijing in this February 19, 2008 file photograph. China’s top offshore oil producer CNOOC, is hoping to buy Calgary energy company Nexen. Photograph by: REUTERS/Claro Cortes IV , Postmedia News

OTTAWA — Prime Minister Stephen Harper says CNOOC’s takeover bid for Canadian energy company Nexen “raises a range of difficult policy questions” for his government as it decides whether to approve the $15-billion transaction.

The prime minister’s comments Thursday — some of his strongest yet on the issue — added more intrigue to a day that saw the NDP announce it opposes the deal as currently structured, due to what it says is a secretive review process, government’s history of “rubber stamping” deals and CNOOC’s poor track record.

The Conservative cabinet is currently reviewing, under the Investment Canada Act, whether China National Offshore Oil Corporation’s (CNOOC) $15.1-billion takeover of Calgary-based petroleum producer Nexen is of “net benefit” to Canada.

The government’s review — and the ramifications of its decision on future foreign investment and takeovers, especially in the oilsands sector — is proving to be a somewhat divisive issue within the Tory cabinet and caucus.

Harper said his government is generally welcoming of foreign investment, but he noted it has significantly modified some previous takeover bids and rejected a couple of others.

The prime minister has previously indicated public opinion, which repeated polls have shown is quickly souring on the deal, will be a factor in the government’s decision, and he reinforced that again Thursday.

continue reading: http://www.montrealgazette.com/news/National/Nexen+takeover+raises+difficult+policy+questions/7343396/story.html


Please feel free to add feedback, additional info, alternative contact details, related links, articles, anonymous submission, etc. as a comment below, via web-form, through social media or mail us directly and confidentially at: dumpharper [at] live [dot] ca


This site may contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in an effort to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. and intend its use to be for education and instructional purposes only. Therefore, we believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. If you wish to use copyrighted material from this site for purposes of your own that go beyond “fair use,” you must obtain permission from the copyright owner.

ShareAlike Statement: https://dumpharper.wordpress.com/sharealike/

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s