Trump tariffs will hurt Canadian firms. New rules ban ‘predatory’ takeovers
Global News
Ottawa is updating foreign investment rules to include the 'potential of an investment to undermine Canada's economic security' when reviewing potential deals.
After the U.S. triggered a trade war, Ottawa will move to prevent the “predatory” takeover of Canadian businesses by foreign entities, Industry Minister François-Philippe Champagne says.
This comes after Prime Minister Justin Trudeau warned that the aim of U.S. President Donald Trump‘s tariffs was to weaken Canada economically to make the country easier to annex.
Champagne said the federal government is updating the guidelines to the Investment Canada Act (ICA) to include the “potential of an investment to undermine Canada’s economic security” as a factor that officials will weigh when assessing the risks of proposed foreign takeovers.
The ICA is part of the framework through which the government of Canada reviews significant foreign investments for their economic benefits to Canada, and all foreign investments for their potential risks to Canada’s national security.
“As a result of a rapidly shifting trade environment, some Canadian businesses could see their valuations decline, making them susceptible to opportunistic or predatory investment behaviour by non-Canadians,” Champagne said in a statement.
The minister said it would “run counter to Canada’s interests” to allow these companies to fall victim to predatory behaviour and would be to the “detriment of Canada’s economic security.”
Trudeau had said that Canada would soon act on this front.
“We will defend Canadian jobs. We will take measures to prevent predatory behaviour that threatens Canadian companies because of the impacts of this trade war, leaving them open to takeovers,” Trudeau said in Ottawa on Tuesday.
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