Dec 7 Canadian authorities approved the
acquisition of Nexen Inc by China's CNOOC Ltd
on Friday and the purchase of Progress Energy Resources
by Malaysia's Petronas after months of anxiety over
the fate of foreign investments in Canadian resources.
In the past, the government has blocked a few proposed
investments by foreign companies under the Investment Canada
Act. The only rejections have been delivered by the current
Conservative government, and only since 2008.
Here are the transactions that have been turned down:
- In May 2008, Ottawa blocked on security grounds a $1.325
billion offer by U.S. rocket-maker Alliant Techsystems Inc
for a space robotics and satellite technology unit of
real-estate data and space technology company MacDonald
Dettwiler and Associates Ltd.
- In November 2010, it rejected BHP Billiton's
$39 billion bid for Potash Corp, the world's
largest fertilizer maker, citing the need to be "careful
stewards" of Canada's natural resources. Premier Brad Wall of
Saskatchewan, the province in which Potash Corp is based,
opposed the takeover.
- In October 2012 it made an initial decision blocking
Malaysian state oil firm Petronas's C$5.17 billion ($5.23
billion) bid for gas producer Progress Energy, giving it 30 days
to make new representations as to why the deal would be of net
benefit to Canada. On Friday it approved the deal.
(Reporting by Randall Palmer; Editing by Peter Galloway)