IN THE NEWS ~ Ottawa must reject Nexen deal:NDP

 

Yadullah Hussaiin, Financial Press, National Post

   NDP has finally come out strongly against CNOOC's $15.1-billion takeover
of Nexen, citing lack of transparency in the approval process, and an alarming
number of questions left unanswered by the federal government for its decision
to oppose the deal.

   "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 in a statement.

   Parliament began debating an NDP motion presented on October 2 demanding
the government hold public consultations on the CNOOC-Nexen deal before deciding
whether to approve it. The motion won the support of the Liberal Party but is
unlikely to pass given the Conservative majority.

   The motion also calls for public hearings into the issue of foreign
ownership in the Canadian energy sector, particularly regarding acquisitions by
foreign state-owned enterprises.

   "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.