New Democrats demand public review of potash takeover

OTTAWA – After approving one job-killing takeover after another, the Harper Conservatives must ensure there is a comprehensive public review of any takeover of Potash Corporation by Australian mining giant BHP Billiton.

“As we’ve seen with the takeover of Inco, Falconbridge, Stelco, and Nortel there can be a devastating cost when governments give foreign corporations carte blanche to take over without any accountability or transparency,” said New Democrat Deputy Industry Critic Claude Gravelle (Nickel Belt). “As with any foreign investment agreement, the BHP proposal has the potential to strengthen the economy and create jobs, but it must be subject to a fully public review.”

Despite their responsibilities outlined in the Investment Canada Act, the Harper Conservatives have consistently moved to loosen controls over foreign investment and in 2009 reviewed only 22 of the 338 takeovers that year. In the spring of 2010, Parliament adopted a New Democrat motion directing the government to protect the interests of Canadian workers, their communities and the strategic long-term interests of the Canadian economy by improving the review of foreign takeovers through strengthening of the Investment Canada Act.

Included in the motion, was a call for:

· public hearings to be held in affected communities; 

· the publication of the reasons for decisions and conditions to be met by approved foreign owners; and

· ongoing monitoring of performance to ensure conditions are met and investor commitments are implemented

“Protecting Canadian interests by reviewing foreign investment like the proposed Potash takeover is an essential responsibility of the federal government,” said Gravelle. “Public scrutiny is needed because the Conservatives have proven that they simply cannot be trusted to negotiate with these multinationals.”