OTTAWA/CALGARY, Oct 26 (Reuters) – Malaysian state-owned oil
company Petronas was so confident last Friday that its
purchase of Progress Energy Resources Corp would be
approved by Canada that company officials had drafted a press
release to announce the news.
At midnight Kuala Lumpur time, they were flabbergasted to
learn that Ottawa wanted more time to make a decision.
OTTAWA/CALGARY, Oct 24 (Reuters) – Canadian Finance Minister
Jim Flaherty said on Wednesday he knew of no direct talks
between Ottawa and Beijing about making approval of CNOOC Ltd’s
bid for Nexen Inc conditional on the approval
of Canadian deals in China.
Legislators in the ruling Conservative Party, suspicious of
allowing Chinese state-owned firms to buy Canadian energy
assets, say Canada should demand concessions in return for
approving the proposed $15.1 billion purchase.
OTTAWA (Reuters) – Canada signaled a tough line on control of its natural resources with its surprise rejection of a Malaysian bid for gas company Progress Energy Resources Corp., putting concerns about state-owned firms above fears of damaging an already dented international reputation.
In a ruling with huge repercussions for CNOOC Ltd’s proposed $15.1 billion takeover of Nexen Inc, Industry Minister Christian Paradis said the C$5.2 billion ($5.3 billion) bid by Petronas would not be of “net benefit” to Canada.
OTTAWA (Reuters) – Canada said it needs more time to complete its review of a $15.1 billion Chinese bid to take over oil and gas explorer Nexen Inc (NXY.TO: Quote, Profile, Research, Stock Buzz), a deal that has raised fears about opening the Canadian energy sector to the Asian power’s state-owned companies.
The government on Thursday extended its review of CNOOC Ltd’s (0883.HK: Quote, Profile, Research, Stock Buzz) bid by 30 days, to November 11. The decision comes amid a growing furor over alleged Chinese espionage in North America that could intensify opposition to the Nexen deal.
OTTAWA, Oct 11 (Reuters) – Canada’s imports in August
dropped by a surprising 3.1 percent from July, suggesting the
Canadian economy is struggling to cope with weak international
markets and slowing domestic demand.
The fall in imports reported by Statistics Canada on
Thursday overshadowed a bigger drop than expected in the trade
deficit, to C$1.32 billion ($1.35 billion) in August from a
record C$2.53 billion in July. Exports slipped by 0.1 percent.
OTTAWA, Oct 7 (Reuters) – Indian companies are lagging
behind when it comes to investing in Canada’s giant oil sands
but could well start making deals within the next five years,
Canadian Energy Minister Joe Oliver says.
Oliver, speaking to Reuters before a visit to Delhi and
Mumbai, said Canadian energy industry needs C$650 billion ($663
billion) in investment over the next decade. Ottawa concedes
much of it will have to come from abroad.
OTTAWA, Oct 5 (Reuters) – A large amount of work remains to
be done on a proposed free trade treaty between Canada and the
European Union, which is supposed to be concluded by the end of
the year, a senior Canadian official was quoted as saying on
Canada, keen to diversify its exports away from the United
States, says a deal with the European Union would increase
two-way trade by 20 percent.
OTTAWA, Oct 4 (Reuters) – Canada said on Thursday that a
$15.1 billion Chinese bid for domestic oil company Nexen Inc
raised difficult policy questions, but the government
gave no sign it would bow to an opposition demand to veto the
Speaking hours after the main opposition party demanded a
veto on CNOOC Ltd’s bid, Prime Minister Stephen Harper
said the government would look at a range of issues in
determining whether the deal, the largest foreign takeover ever
launched by a Chinese firm, would be of net benefit to Canada.
OTTAWA, Oct 4 (Reuters) – Canada’s main opposition party on
Thursday demanded that the government reject a landmark $15.1
million bid by Chinese state-owned CNOOC Ltd for oil
producer Nexen Inc, saying it could provoke “a tidal
wave” of foreign takeovers.
The comments by the center-left New Democrats (NDP)
highlighted that there are still risks to the CNOOC bid, China’s
largest ever proposed foreign takeover, and helped knock almost
one percent off Nexen shares.
OTTAWA, Oct 3 (Reuters) – Europe’s debt crisis represents a
“clear and present danger” and has not improved despite some
helpful measures by policymakers, Canadian Finance Minister Jim
Flaherty said on Wednesday in some of his harshest language yet
on the issue.
An outspoken critic of euro zone leaders for not acting
quicker to contain the debt crisis, Flaherty stepped up the
pressure again just days ahead of a meeting of finance ministers
from the Group of Seven major developed economies on Oct 11.