Inside Politics

CNOOXen Watch: PMO says Nexen review will consider Canadians' views

by Kady O'Malley Posted: October 11, 2012 10:55 AM Last Updated: October 11, 2012 2:24 PM
The full text of the statement from Industry Minister Christian Paradis: 

"I can confirm that the review period for China National Offshore Oil Corporation's (CNOOC) proposed acquisition of Nexen Inc. under the Investment Canada Act has been extended by 30 days.

"Extensions to the review period are not unusual. In general terms, the Act provides an initial 45 days for the review, which can be extended for an additional 30 days. The review period may be extended again, with the consent of the investor. A decision can be made at any time within this period.

"The proposed transaction is undergoing a rigorous review under the Investment Canada Act. A determination will be made based on the six clear factors that are laid out in detail in section 20 of the Act and the Guidelines on Investment by State-Owned Enterprises.

"The required time will be taken to conduct a thorough and careful review of this proposed investment."

News of the delay will likely be of interest to London West Conservative MP Ed Holder. 

His latest recent e-newsletter included the results of a (self-selecting, non-scientific but interesting nonetheless) survey on the proposed sale. 

According to the Holder's Happenings datacrunchers, of the 730 respondents who weighed in on last week's question -- "Do you think that Nexen should be allowed to be sold to CNOOC?" -- just 11 per cent agreed, with 81 per cent voting nay and 8 per cent "unsure." 

UPDATE: Courtesy of the PMO InfoAlerteBot, a more extensive set of talking points for Conservative MPs and supporters, in which it is noted that "the views of a variety of stakeholders will be considered," including "those submitted by Canadians." 

For the record, I can't actually remember if that has been explicitly stated before, or if this is, indeed, news.

In any case, here's the full dispatch: 


 
Investment Canada Review of Proposed CNOOC/Nexen Transaction
 
Today Minister Paradis announced the review period for China National Offshore Oil Corporation's (CNOOC) proposed acquisition of Nexen Inc. under the Investment Canada Act has been extended by 30 days.  Minister Paradis is the lead government spokesperson on this file.
 
  • Our Government will always act in the best interest of Canadians.

  • The proposed transaction is undergoing a rigorous review under the Investment Canada Act.  A determination will be made based on the six clear factors that are laid out in detail in section 20 of the Act and the Guidelines on Investments by state owned enterprises.

  • The views of a variety of stakeholders will be considered, including those submitted by Canadians.  The required time will be taken to carefully examine the proposed transaction to determine whether it is likely to be of net benefit to Canada.
     
  • It was our Government who brought forward targeted improvements to the Act through provisions on state-owned enterprises, national security, communication with the public and enforcement.

  • Our government has a clear track record of encouraging economic growth, job creation and prosperity in Canada.  We have no lessons to take from the NDP whose reckless economic policies will deter investment, kill jobs, and hurt Canadian families

Tags: blackberry jungle, cnooxen, ed holder, investment review, like sands through the hourglass