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April 27 (Reuters) – Canada will introduce legislation that
will allow it to make public its concerns about foreign
acquisitions of domestic companies in an effort to add clarity
to what is often seen as an opaque review process.
The Conservative government said on Friday that an amendment
to the Investment Canada Act, which allows the government to
block foreign takeovers that are not of “net benefit to Canada”,
will allow it to publicly disclose when a foreign investor has
been notified that a takeover is not likely to meet the
requirement.
The business-friendly government shocked investors in 2010
when it blocked BHP Billiton’s $39 billion
hostile takeover bid for Potash Corp, the world’s
largest fertilizer maker.
