Nexen and Progress takeovers approved

Author: Adam Button | Category: News

Author: Adam Button

Official confirmation.

  •  Future state-owned investments in oilsands will be approved on “an exceptional basis” only
  • Further oilsands state control won’t benefit Canada
  • New foreign investment guidelines will place stricter conditions on state-owned investments

That’s pretty much to worst thing the government could have said while still approving the deal. They slammed the doors on further sovereign takeovers and Harper said it’s ‘the end of a trend’ not the start.

It is still a significant Canadian dollar positive but the gold rush to buy Canadian assets will need to be led by private money or state-owned enterprises taking minority shares.

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