Do More With Reuters

UPDATE 1-MDA space unit sale needs two approvals - minister

Wed Apr 9, 2008 10:25pm IST
 
Email | Print | | Single Page
[-] Text [+]

(Adds background, paragraph 4. In U.S. dollars)

OTTAWA, April 9 (Reuters) - The sale of MacDonald Dettwiler and Associates Ltd's (MDA.TO: Quote, Profile, Research) space business requires approval from two cabinet ministers, Canadian Industry Minister Jim Prentice said on Wednesday.

MDA, based in Vancouver, British Columbia, is seeking permission to sell its space robotics and data-processing business to U.S.-based Alliant Techsystems Inc (ATK.N: Quote, Profile, Research).

Prentice said he would have to give approval under the Investment Canada Act, and if that were granted, then Foreign Minister Maxime Bernier would review the $1.325 billion deal in a second stage.

Prentice said he had until April 19 to make his decision. The government is under pressure from opposition parties to block the sale, particularly as it includes the high-tech Radarsat 2 satellite, and the robotics unit, which has received government investment. (Reporting by Randall Palmer, writing by Lynne Olver; Editing by Peter Galloway)

Photo

Catch the latest news, pictures, stats and live race commentary on our special Formula 1 page.  Full Coverage 

Commodities

Commodity Last Pct Chg Trade Date/Time
Oil 77.85 -7.85% 10/11 03:04 IST
Gold 856.6 -3.49% 10/10 05:30 IST