2007/05/15

The Foreign Takeover of Canada

In a recent overview of foreign takeovers of Canadian companies David Olive pointed out that foreigners have snapped up nearly 600 Canadian firms since the start of 2006. He concludes that Canada is in industrial retreat. The recent bid for Alcan by Alcoa has brought home the message that Canadian assets and companies are for sale to the highest bidder. When even Canadian bankers are voicing concern we know the wolf is at the door.And so we head pell mell to branch plant status of the American colossus. Where is Pierre Trudeau when we need him?

2 comments:

Danny said...

We used to have barriers to the wholesale takeover of Canadian firms. Remember the Foreign Investment Review Agency? Canadian ownership of our major firms is rapidly eroding. Under the Conservatives this trend will continue.

Steve said...

I tried creating a link to this post, but it didn't seem to work. My response to your post is here.