Comprehensive Review of the Investment Canada Act Desperately Needed

If you’re confused about Canada’s rules with respect to foreign takeovers of Canadian companies, you’re not alone. The recent decisions by the federal government to approve the takeovers of Nexen by China’s state-owned-enterprise (SOE) CNOOC and of Progress Energy by Malaysia’s SOE Petronas while disallowing the takeover of Potash Corp. by the privately-owned Australian mining company BHP Billiton, is, at a minimum, confusing.