Democracy Gone Astray

Democracy, being a human construct, needs to be thought of as directionality rather than an object. As such, to understand it requires not so much a description of existing structures and/or other related phenomena but a declaration of intentionality.
This blog aims at creating labeled lists of published infringements of such intentionality, of points in time where democracy strays from its intended directionality. In addition to outright infringements, this blog also collects important contemporary information and/or discussions that impact our socio-political landscape.

All the posts here were published in the electronic media – main-stream as well as fringe, and maintain links to the original texts.

[NOTE: Due to changes I haven't caught on time in the blogging software, all of the 'Original Article' links were nullified between September 11, 2012 and December 11, 2012. My apologies.]

Monday, October 22, 2012

Stephen Harper sheds no light on why Ottawa spiked Petronas deal, promises clarity soon

OTTAWA — Prime Minister Stephen Harper says his Conservative government still intends to review and clarify Canada's standards for foreign investment.

But he offered little explanation for why Industry Minister Christian Paradis rejected a proposed $6-billion takeover offer of Progress Energy Resources by Malaysian state-owned oil company Petronas.

Progress shares dropped 12 per cent in morning trading today in response to Ottawa's decision, which was announced late last week.

Other Canadian energy players with deals in the works — notably, Nexen Inc. (TSX:NXY) and Celtic Exploration (TSX:CLT) — were also dragged lower.

Nexen's proposed $15.1-billion takeover by China National Offshore Oil Co is subject to the same key net benefit test that nixed the Petronas-Progress deal.

Paradis's ongoing review of the CNOOC-Nexen deal is set to end on Nov. 11, though it can be extended by 30-day increments with the buyer's consent.

It remains unclear why the Petronas deal wasn't deemed of net benefit to Canada — a test widely criticized for its lack of clarity and consistency.

Original Article
Source: ottawa citizen
Author: CP

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