Government must reject Nexen’s foreign takeover

The lack of transparency in the approval process, and an alarming number of unanswered questions, have pushed the NDP to reject, as currently structured, the transaction that would allow the state-owned CNOOC to take over the Canadian company Nexen.

“The Conservatives failed to act in good faith and inform the public of the consequences of this takeover. We’re talking about a company that plays a key role in a critical sector of our economy,” said Natural Resources critic Peter Julian.

Announced in July, this $15.1 billion transaction raises many questions, including whether or not CNOOC will protect jobs and keep the head office in Canada. It is also unclear how Canada’s environmental standards will be enforced with regards to the sustainable development of its resources.

“By studying this transaction behind closed doors and not specifying what criteria they used to determine what represents a net benefit for the country, the Conservatives have given us no choice. When in doubt, it’s best to back off,” said Industry critic Hélène LeBlanc.

“Foreign investments are crucial for reinforcing our economy, but we must ensure that these investments are not made at the cost of quality jobs and the sustainable development of our resources,” concluded Julian.