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ARTICLE · 09 JUNE 2012

Asian Foreign Investment In Canada: Moving Forward

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BHP Billiton's bid for Potash Corporation in November 2010 which was blocked by the Canadian government made financial headlines worldwide.

CanadaCorporate/Commercial Law
The Hon. Stockwell Day
The Hon. Stockwell Day
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BHP Billiton's bid for Potash Corporation in November 2010 which was blocked by the Canadian government made financial headlines worldwide. This article argues that the current federal government remains keen to attract foreign investment to Canada, and reviews the BHP case for insights on how to avoid potential pitfalls and make the most of opportunities available to potential bidders of strategic assets in Canada going forward.

On November 3, 2010, the federal government of Canada refused to approve the proposed $38.6 billion hostile takeover by Australia's BHP Billiton ("BHP") of Potash Corporation of Saskatchewan ("Potash")1 pursuant to the Investment Canada Act (the "ICA"). It has been more than a year since this decision but some Asian investors still have concerns regarding Canada's overall position in foreign takeovers of significant Canadian assets, and whether Canada's natural resources and agricultural sectors should be considered off-limits.

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