Jay Hoffman, partner and co-chair of the business law
group of Miller Thomson LLP in Toronto,
is quoted in a Reuters article on the laws that protect state-owned entities in
foreign countries following Industry Minister Christian Paradis’ rejection of
Malaysian state oil company Petronas’ bid for Progress Energy Resources Corp
under the terms of the Investment Canada Act.
“It may be that the announcement is intended to
signal that Canada will apply a common set of, perhaps tougher, criteria when assessing
whether or not bids by any state-owned entities are ‘likely to be of
net benefit’ to Canada,” said Hoffman.
Read the full article: Canada’s rejection of
Petronas throws spotlight on takeover laws