The Canadian government said it will review Target Corp. (TGT)’s C$1.83 billion ($1.84 billion) purchase of store leases from Zellers Inc. under a “cultural heritage” provision in the nation’s foreign-takeover law.
The government said in an order posted on the Privy Council Office website that it will review the acquisition under a section of the law that relates to Canada’s “cultural heritage or national identity.”
“The government is committed to ensuring that foreign investments benefit Canadians,” said James Maunder, a spokesman for Heritage Minister James Moore who recommended the review. “We will review Target’s proposal and make an announcement in due course,” Maunder said by e-mail.
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