Ont. premier against Falconbridge takeover

Peterson, in Timmins, Ont., recently, was asked about the bid by New York-based Amax. He replied that while the provincial government cannot prevent the deal, it will “scour the books” to determine if such a possibility does exist.

New York-based Amax has applied to Investment Canada in Ottawa for approval of its takeover offer and, according to the federal department’s director of investment review, Charles Byron, the proposal is under review.

Current legislation requires an international investor (in this case Amax) to demonstrate the takeover would result in a net benefit to Canada.

Byron said the law requires the review be completed, and a decision be announced by the minister responsible (Harvie Andre), within a 45-day period. The minister may also ask unilaterally for a 30-day extension. (Further extensions may also occur with the foreign investor’s agreement.)

An argument put forward by a province for or against the application would be one of a number of factors taken into consideration by Investment Canada, Byron said. The final decision rests with the federal minister, he said.

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