Without specifically addressing his government’s decision on Petronas, Stephen Harper promises an explanation of the government’s general approach to foreign investment.
In a brief news conference Monday, Mr. Harper would not comment on his government’s decision, announced at midnight Friday, to turn down a $6-billion bid by Malaysia’s state-owned Petronas of Calgary-based natural gas producer, Progress Energy Corp…
But Mr. Harper noted that his government is still working on a new framework that would clarify the Investment Canada Act, suggesting the companies may be left in the dark for several weeks. Mr. Harper first announced the plan to issue new guidelines in response to the controversial $15.1-billion proposal by China’s CNOOC Ltd. to acquire Nexen Inc. “The government does in the not too distant future have an intention to put out a clear and new policy framework regarding these sorts of transactions,” the prime minister said.
Stephen Gordon begs for an explanation. Mike Moffatt laments for lost wealth.