Communications, Energy and Paperworkers Union of Canada
“Our manufacturing base is taking another hit,” he adds, “and once again it begs the question: ‘who is in control of Canadian resources’”? When it comes to the oil industry, our raw bitumen is being shipped to the US for value-added processing. In forestry, we have raw logs going to China from BC.
Given its track record, Coles holds out little hope that the Harper government will step in to stop any takeover. He notes that the Investment Canada Act outlaws foreign takeovers that do not deliver a “net benefit” to Canada. Since the Act came into force in 1985, only one takeover has been rejected, while 13,500 have gone ahead.
“This is one more iconic Canadian industry on the chopping block under Mr. Harper’s watch.
“Canadians deserve public hearings and full public disclosure of the government’s reasons for accepting or rejecting any takeover bid. That will come in handy at election time!”
Click here to read the Council of Canadians release.