Canadian Government Adjusts Rules for Foreign Investment

On December 7, 2012, the Canadian Minister of Industry announced decisions under the Investment Canada Act (ICA) to allow acquisitions by two foreign state-owned enterprises (Ss): of Nexen Inc. by China National Offshore Oil Corporation (CNOOC) and of Progress Energy Resources Corp. by Malaysia's Petroliam Nasional Berhad (PETRONAS). Immediately following this announcement, the Prime Minister of Canada announced changes to how the government will review acquisitions by foreign Ss. View the full article by Don Greenfield and Beth Riley on the full Bennett Jones website.