Flaherty Says No ‘Time Deadline’ for Cnooc-Nexen Bid

Canadian Finance Minister Jim Flaherty said he’s not aware of a “time deadline” for a decision by the Canadian government on existing reviews of foreign takeovers and the government’s new investment guidelines.

Asked if he expects the government to release new guidelines and decide by Dec. 10 on reviews of Cnooc Ltd. (883)’s bid for Nexen Inc. (NXY) and Petroliam Nasional Bhd.’s bid for Progress Energy Resources Corp. (PRQ), Flaherty said: “There is no time deadline for which I’m aware. We’re having continuing discussions on the subject.”

“It’s a very important decision for the government of Canada, has long term consequences for foreign direct investment in Canada,” he said.

Flaherty said he also expects to remain as finance minister until the budget is balanced, which he has said will happen before the next elections due in 2015.

To contact the reporter on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net

To contact the editor responsible for this story: Chris Fournier at cfournier3@bloomberg.net

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