Process To Evaluate Takeovers Needs Overhaul: FSIN

Process To Evaluate Takeovers Needs Overhaul: FSIN

Wednesday, December 08, 2010 at 13:27

The chief of the Federation of Saskatchewan Indian Nations is calling on the government to re-think how it decides whether or not takeover bids are in the best interests of a particular province.

The issue recently came to light with the failed takeover bid of the Potash Corporation of Saskatchewan.

BHP Billiton was in the midst of taking over the company when the federal government vetoed the move, saying it wasn’t in its best interests.

FSIN Chief Guy Lonechild says he is worried by how that decision was made.

Lonechild says the provincial government commissioned an independent study that ignored the interests of First Nations, adding that can’t happen again in the future.

He also says the FSIN wants Investment Canada to come up with a new strategy that takes into account how such takeover deals would affect First Nations, before it makes any decisions.