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ARTICLE · 25 APRIL 2012

Ottawa Wouldn't Block Foreign Takeover Of RIM

Stikeman Elliott LLP
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On March 30, 2012, Federal Finance Minister Jim Flaherty said his government would not block a foreign takeover of Research In Motion, and RIM would be the master of its own destiny.

CanadaFinance and Banking
Susan Hutton
Susan Hutton
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On March 30, 2012, Federal Finance Minister Jim Flaherty said his government would not block a foreign takeover of Research In Motion, and RIM would be the master of its own destiny. The Minister of Finance is not responsible for the Investment Canada Act (that is the purview of the Minister of Industry), and the comment was made without reference to precisely what kind of deal would be on the table, nor presumably what impact such a takeover would have on Canada. That being said, it was welcome news to investors as the share price reportedly rose 7% on the news.

Ottawa did intervene to stop a bid by Australian mining giant BHP Billiton for Potash Corporation of Saskatchewan Inc. in late 2010 following stiff opposition by Saskatchewan Premier Brad Wall, several other provinces and even business leaders. Stikeman Elliott acted for PotashCorp in that transaction.

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