Ottawa

‘The decision is mine and mine alone’

Industry Minister Tony Clement turned up at a waiting podium just now and, after taking a few moments to build the drama, announced that BHP Billiton bid for PotashCorp does not constitute a “net benefit” for Canada. Seems BHP Billiton will have 30 days to resubmit, should it so desire.

Official statement after the jump.

“I can confirm that I have sent a notice to BHP Billiton indicating that, at this time, I am not satisfied that the proposed transaction is likely to be of net benefit to Canada.

“I came to this decision after a careful and rigorous review of the proposed transaction. BHP Billiton has 30 days to make any additional representations and submit any undertakings.

“At the end of that period, I will make a final decision.

“The confidentiality provisions of the Investment Canada Act prohibit me from discussing specifics of an ongoing case.

“I can assure Canadians, however, that I will provide an explanation of the reasons behind my final decision at the time that decision is made, in accordance with the provisions of the Act.

“Canada has a long-standing reputation for welcoming foreign investment. The Government of Canada remains committed to maintaining an open climate for investment.”

Looking for more?

Get the Best of Maclean's sent straight to your inbox. Sign up for news, commentary and analysis.
  • By signing up, you agree to our terms of use and privacy policy. You may unsubscribe at any time.