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.
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.
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.
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.
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.
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.
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.
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.