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Canada’s rejection of a bid by Malaysia’s state oil company for Progress Energy Resources Corp. casts doubt on Beijing-based Cnooc Ltd.’s $15.1-billion takeover of Nexen Inc. and raises questions about the openness of Prime Minister Stephen Harper’s government to foreign investment.
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Canada blocked Petroliam Nasional Bhd.’s C$5.2 billion ($5.23 billion) takeover of Progress Energy Resources Corp., saying the bid by the Malaysian state-owned company wasn’t in Canada’s national interests.
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Prime Minister Stephen Harper and his cabinet are wrestling with how to handle the proposed takeover of Calgary-based Nexen Inc. by China’s Cnooc Ltd. as some investors anticipate Canada will block the bid.
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The Canadian government’s rejection of BHP Billiton Ltd. ’s $40 billion bid for Potash Corp. of Saskatchewan Inc. may hurt the country’s pro-trade image, deter foreign investors and penalize companies investing overseas.
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Canada, the country furthest from meeting its commitment to cut carbon emissions under the Kyoto Protocol, may save as much as $6.7 billion by exiting the global climate change agreement and not paying for offset credits.
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Prime Minister Stephen Harper is gaining support among Canadians for his plan to ship oilsands crude to China after President Barack Obama rejected TransCanada Corp.’s $7 billion Keystone XL pipeline to the U.S. Gulf Coast.
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Prime Minister Stephen Harper is weighing whether to allow Cnooc Ltd.’s $15.1 billion takeover of Nexen Inc., even as northern Canadian companies and government officials work to attract Chinese money.
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Canadian Finance Minister Jim Flaherty holds a press conference in Ottawa. Manitoba holds provincial elections.
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Canadian lawmakers begin reviewing a bill today that would give workers’ pensions priority over other debt in a bankruptcy, which analysts say could cost corporate bondholders as much as C$7 billion ($6.93 billion) if enacted.
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Canadian Finance Minister Jim Flaherty today bolstered the presence of the financial industry on his council of economic advisers, adding Peter Brown of Canaccord Financial Inc. to the group.
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