Canada To Alter Foreign Takeover Rules After BHP Row

Law360, New York (November 17, 2010, 5:27 PM EST) -- Lawmakers in Canada have voted to revamp the country's review process for foreign investment after a $38.6 billion hostile takeover bid by Australia-based BHP Billiton Ltd. for Canadian fertilizer giant Potash Corp. of Saskatchewan Inc. went down in flames amid widespread opposition.

Parliament voted overwhelmingly on Tuesday in favor of a motion, introduced by New Democratic Party leader Jack Layton, that calls for changes to the Investment Canada Act and seeks to make the review process governing how foreign companies takeover Canadian companies more transparent....
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