Nexen and Progress takeovers approved

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Official confirmation.

  •  Future state-owned investments in oilsands will be approved on “an exceptional basis” only
  • Further oilsands state control won’t benefit Canada
  • New foreign investment guidelines will place stricter conditions on state-owned investments

That’s pretty much to worst thing the government could have said while still approving the deal. They slammed the doors on further sovereign takeovers and Harper said it’s ‘the end of a trend’ not the start.

It is still a significant Canadian dollar positive but the gold rush to buy Canadian assets will need to be led by private money or state-owned enterprises taking minority shares.

Author: Adam Button

Adam Button is the managing editor of ForexLive™. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes there's an edge in knowing every tidbit of news. He was formerly the head of the markets team at the Canadian Economic Press and is a graduate of Ryerson University. Adam lives in Montreal, follow him on Twitter: @FX_Button.

2012-12-07T22:00:25+0000

All|Americas|Market Rumors|Regions

Adam Button

6 Comments

  1. You’re the man Adam! I take back all those things I said about you being a closet Anne Murray/Celine Dione Fan!

    When she begins to rock, I begin to roll!

  2. Thanks Doyl. Being right about USD/CAD doesn’t pay like GBP/JPY but money is money

  3. Lift my bourbon glass to that! Have a good weekend.

  4. Well done Adam/ I followed the deal from far away… :)

  5. good work Adam. Friday gave us a bearish outside bar, with a nice close not far from its low. I’m thinking of shorting at the break of this low for more further downside on the pair. What do you think?

  6. makes sense… anyway, I’ve got to run. have a great weekend everyone

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