Kenney: Canadians Want Close Review of State-Owned Bids

Canadians want a “rigorous” review of acquisitions of domestic assets by foreign state-owned firms, Immigration Minister Jason Kenney said today.

The Canadian government is reviewing Beijing-based Cnooc Ltd. (883)’s $15.1 billion bid for Calgary-based Nexen Inc. (NXY) under the country’s foreign-takeover law. The government will examine the offer in an “impartial” way under the criteria set out in the Investment Canada Act, Kenney told reporters today in Ottawa.

“Most Canadians want to ensure that the government applies a rigorous lens to acquisitions of large Canadian resource companies, particularly by state-owned enterprises, but we do so in a lawful way,” he said.

Kenney, the former chairman of the House of Commons subcommittee on international human rights, said the government takes a “balanced approach” toward its relations with China, “one that advances both our interests, such as trade and commerce, and our values, such as the importance of human rights.”

To contact the reporter on this story: Andrew Mayeda in Ottawa at amayeda@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

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