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CIC Says Investors Need Clarity on Canada Takeover Rules

Investors need clarity on Canada’s foreign takeover rules, said Felix Chee, China Investment Corp.’s chief representative in Canada.

Chee told a conference in Ottawa today that the lack of clarity on foreign investment rules benefits the Canadian government. Canada is reviewing the $15.1 billion bid by Cnooc Ltd. (883) for Nexen Inc. (NXY), a Calgary-based energy producer. Chee said Cnooc’s 100 percent bid for Nexen makes approval more difficult. Canada reviews most foreign takeovers to make sure they provide a net benefit to the country.

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

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net

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