Risks in foreign investment

Many in the oil and gas financial world are watching with interest as the Canadian government reviews its requirements by which foreign investors can acquire Canadian companies, particularly when the foreign investor involves a state-owned enterprise such as Malaysia's Petronas and China's CNOOC Ltd. On Oct. 19, Canada's government rejected the Petronas $5.5 billion (Can.) takeover offer of Progress Energy but left the door open to reconsider (see story, p. 26). At the time of this writing last week, the Canadian government continued contemplating CNOOC's $19.5 billion offer to acquire Nexen Inc. As in the Petronas deal, the Investment Canada Act gives the Canadian government the authorit...

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