22 October 2012 02:47 [Source: ICIS news]
Industry minister Christian Paradis late Friday sent a notice to PETRONAS, advising the Malaysian state oil, gas and petrochemicals major that at this time he is not satisfied that the deal - valued at more than $5bn (€3.9bn) - would be of “net benefit to
Paradis, citing confidentiality, did not explain his reasons.
However, Paradis added that PETRONAS has an additional 30 days to make presentations or submit undertakings. "Subsequently, I will either confirm this initial decision or approve the acquisition,” he said.
Under the Investment Canada Act, the industry minister reviews large takeovers of Canadian firms by foreign investors.
In 2010, Canada blocked a bid by Anglo-Australian miner BHP for fertilizer major PotashCorp.
Before that ruling,
($1 = €0.77)
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