March 28 (Bloomberg) -- Canada’s government will lift its existing 25 percent foreign investment restrictions on Nordion Inc., an Ottawa-based company that sells medical isotopes.
Finance Minister Joe Oliver introduced a budget implementation bill today that included amendments to the legislation under which the company operates.
The changes would allow foreigners to take a controlling stake in Nordion as long as the government deems the sale a “net benefit” to Canada. Existing legislation prohibits non-residents from controlling more than 25 percent of Nordion.
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