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The Canadian government late last night blocked Malaysia's Petronas' $5.2B bid for Progress...

The Canadian government late last night blocked Malaysia's Petronas' $5.2B bid for Progress Energy Resources (PRQNF.PK), raising doubts over the fate of Cnooc's (CEO) acquisition of Nexen (NXY). Most had originally expected smooth sailing for the Petronas bid, but after the Cnooc move (and now Exxon/Celtic), perhaps the government has to at least say "no" to one.
Comments (9)
  • Good for Canada. Selling out important naturals resources at dirt cheap prices, has got to an end. You don't see the Americans selling out their resources to foreigners and nor should Canada.
    20 Oct 2012, 03:48 PM Reply Like
  • Canada has sold out, old news.

     

    Guess you haven't been to Texas either.

     

    In 2010, CNOOC paid $2 Billion for stake in Chesapeake's Texas oil fields. Last year, it spent $2 Billion to purchase Canadian oil sands operator OPTI Canada.

     

    For more reading: http://cnnmon.ie/UqXj9R
    22 Oct 2012, 06:17 AM Reply Like
  • When I was living in Canada some 30 years ago, I often heard about this old saying, 'The Liberal Party would sell out a tree, but the Conservative Party would sell a river and a mountain'.

     

    How true!
    20 Oct 2012, 05:27 PM Reply Like
  • Malaysia and China are two completely different stories.

     

    Several influential Canadian bipartisan think tanks believe the Harper government will approve CNOOC-Nexen in exchange for various quid pro quos which are aimed at creating added value for Canadians - i.e. jobs and prestige.

     

    The most obvious is goodies for Bombardier. China, despite caution in other areas, is continuing with major buildouts of rail and subways. Bombardier has already been given a slice of it. Canada wants more. And it wants Bombardier to get a significant share of China's coming mammoth buildout in both private aircraft and public aircraft, including a significant sized order for Bombardier's C-series.

     

    Bombardier's top managers stood cheek by jowl with Mr. Harper on his most recent trips to China, sending a message the market would do well to heed.
    20 Oct 2012, 10:32 PM Reply Like
  • Handing China the keys to the backdoor proved problematic for Germany as well. When Canada approves CNOOC-Nexen, that's like inviting a prostitute to the party. Canada should watch was is happening in Germany.
    25 Oct 2012, 04:39 AM Reply Like
  • Ah, Venerability, your point made sense. You put 2 + 2 together.

     

    Everything has an ulterior motive, of sorts. Doesn't it? One has to look behind the front.

     

    Sometime ago, I happened to browse at the engineering faculty of one of the Canadian universities I attended 4 decades ago. Before then it was all Oxbridge, now it is almost all from Mainland China, with their Chinese undergraduate degrees. Surprise!

     

    I put 2 + 2 together as well. A form of Affirmative Action, or ulterior motives to make inroads into trades with China?

     

    Mystery solved!
    20 Oct 2012, 11:28 PM Reply Like
  • Note that Malaysia's Air Asia recently rebuffed Bombardier for Airbus.

     

    Hmmmmmmmm???
    21 Oct 2012, 02:48 AM Reply Like
  • Sadly, America does not have a monopoly on the supply of inept politicians.
    21 Oct 2012, 08:23 PM Reply Like
  • There seems to a growing hostility to foreign risk capital in every major economy especially in Russia, China, the US, India ad Brazil: which augurs poorly for global growth next year
    22 Oct 2012, 05:22 AM Reply Like
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