Publication
title
Takeovers Involving Foreign, State-Owned Enterprises and National Security
AUTHOR(S)
Jason McKenzie, Dany Assaf, Sarah McLean
DATE
October 12, 2007
EXPERTISE
Canadian Government Clarifies its Position and Announces Accelerated Review
In summer 2007, amid rising pressure to ensure the national interest is being protected after several recent high-profile foreign takeovers, including Alcan, Hudson's Bay Co., Dofasco and Inco, the Government of Canada established the Competition Policy Review Panel to review, among other things, a key piece of Canadian legislation, the Investment Canada Act. The Panel's mandate includes the review and evaluation of current principles and criteria used by Investment Canada in evaluating foreign takeovers of Canadian businesses and the Panel is scheduled to report its recommendations to the Minister of Industry by June 30, 2008.
However, on October 9, 2007, The Honourable Jim Prentice, Minister of Industry, announced that the Government would be accelerating the review of certain foreign investment matters and their treatment under the Investment Canada Act.
Click here to read the information bulletin on the impact of this announcement.
