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

   
Polluted waters of China

Polluted waters of China

Growing cities, overuse of fertilizers, and factory wastewater have degraded China's water supplies to the extent that half the nation's rivers and lakes are severely polluted.  Slideshow 

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

Top News

REUTERS SHOWCASE

Kerry's India Visit

Kerry's India Visit

Kerry presses India on WTO deal ahead of arrival  Full Article 

Big Infra Deal

Big Infra Deal

Piramal, Dutch APG tie up for $1 bln infra investment  Full Article 

E-Commerce

E-Commerce

Amazon says to invest $2 billion more in India   Full Article 

Lupin Results

Lupin Results

Q1 net profit up 56 percent on higher U.S. drug sales   Full Article 

L&T Slumps

L&T Slumps

L&T earnings raise 'multiple red flags' - Citi  Full Article 

Twitter Results

Twitter Results

Twitter assuages growth concerns for now as shares soar 35 percent  Full Article 

Auto Sector

Auto Sector

VW closes in on Toyota as global auto leader  Full Article 

Fed Meeting

Fed Meeting

Fed seen trimming bond buys, could offer vague rate clues  Full Article 

Gaza Conflict

Gaza Conflict

Israel strikes house of Hamas Gaza leader, digs in for long fight.  Full Article 

Reuters India Mobile

Reuters India Mobile

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