Canada's Harper expects foreign investment decisions very soon

BANGALORE, India Thu Nov 8, 2012 6:25pm IST

Canadian Prime Minister Stephen Harper poses for a picture in front of the historic Taj Mahal in the northern Indian city of Agra November 5, 2012. REUTERS/Stringer

Canadian Prime Minister Stephen Harper poses for a picture in front of the historic Taj Mahal in the northern Indian city of Agra November 5, 2012.

Credit: Reuters/Stringer

Related Topics

Stocks

   

BANGALORE, India (Reuters) - Canada will make decisions very soon on foreign investment proposals it is considering and on the broader framework for dealing with such investment, Prime Minister Stephen Harper said on Thursday.

"The government of Canada has some very important decisions before it on when it will take public positions in the very near future along with positions on some of the broader policy questions," Harper told a news conference during a visit to India.

He declined to say whether Indian state-owned enterprises would be welcome to invest in Canada.

The important decisions he was referring to were how to deal with a $15.1 billion bid by China's state-owned CNOOC Ltd (0883.HK) for Canadian oil firm Nexen Inc NXY.TO, and a C$5.17 billion one by Malaysia's state oil firm Petronas for Progress Energy Resources Corp PRQ.TO.

The government initially turned Petronas down, giving it until November 18 to put together a revised proposal, and has delayed a decision on CNOOC until December 10.

His remarks on Thursday were the clearest indication yet that the government would decide on both bids at the same time as unveiling a framework to give greater clarity to what sort of foreign investment will be acceptable.

In September, sources said a trio of state-run Indian oil companies had bid $5 billion for stakes in Canadian oil sands holdings of ConocoPhillips (COP.N).

In general, bids for stakes in holdings raise fewer concerns than taking control of entire Canadian companies.

During several months of deliberations on foreign investment, Harper has referred often to the need for other countries to treat Canadian investment with the same openness as they are seeking for their firms.

(Editing by Ron Popeski)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

School Shooting

School Shooting

Two killed, four wounded in Washington state school shooting.  Full Article 

Sundar Pichai Elevated

Sundar Pichai Elevated

Google's Pichai to oversee major products and services.  Full Article 

Need For Reforms

Need For Reforms

Euro zone risks "relapse into recession" without structural reforms - Draghi.  Full Article 

Diwali Sales

Diwali Sales

Gold sales jump about 20 pct for Diwali - trade body  Full Article 

World Bank Rival

World Bank Rival

Three major nations absent as China launches W.Bank rival in Asia  Full Article 

Wal-Mart India

Wal-Mart India

Murali Lanka appointed as Wal-Mart India operations chief  Full Article 

Health Of Lenders

Health Of Lenders

25 European banks set to fail health checks - sources.  Full Article 

Special Report

Special Report

Why Madrid's poor fear Goldman Sachs and Blackstone  Full Article 

India Insight

India Insight

Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw”  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage