Blackberry is planning on lobbying Ottawa over foreign takeover rules, amid unconfirmed reports that a takeover of the troubled Waterloo, Ont.-based smartphone maker by major Canadian pension plans is unlikely.
BlackBerry registered with the federal lobbyist registry on Sept. 6 to discuss the Investment Canada Act with lawmakers, records show.
The Investment Canada Act governs large foreign investments in Canada and makes it mandatory for Ottawa to review all direct investments over $344 million.
Shares of BlackBerry surged nearly six per cent on Monday amid unconfirmed reports that Fairfax Financial Holdings chairman Prem Watsa was closing in on a rescue deal for the struggling company.
The Sunday Times newspaper reported that Watsa has assembled billions of dollars in backing from the Canada Pension Plan Investment Board and other Canadian pension funds to buy BlackBerry.
But the stock slid back down nearly six per cent on Tuesday after the Globe and Mail reported that big pension funds have been reluctant to join Fairfax in a buyout consortium.
Shares continue slide on Wednesday
Shares of BlackBerry continued their descent on the Toronto Stock Exchange on Wednesday. BlackBerry was down 59 cents, more than five per cent, to $10.74 at close of trading.
BlackBerry declined to comment on its lobbying plans, but it did confirm on Tuesday that it had laid off about 60 employees, mostly in sales, as part of the second phase of its "transformation plan."
"We are moving a small number of U.S.-focused sales roles that were based in Canada to the U.S. to be more closely aligned with our customers," Lisette Kwong, senior manager of corporate communications, said in a statement.
"We are in the second phase of our transformation plan. As part of this transformation, BlackBerry will continually evaluate its organization -- from top to bottom -- to ensure we have the right people, with the right skills in the right locations to drive new opportunities in mobile computing."