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Wednesday, April 6, 2011

Canada hesitant over possible China resource bids

Canadian Prime Minister Stephen Harper said on Wednesday he would be very worried if a Chinese state-owned enterprise bid for a Canadian resource company and the offer did not appear to have commercial aims. The issue of Chinese companies buying up Canadian assets is not as sensitive as it is in Australia and in the United States, where political opposition helped scupper a 2005 bid by oil company CNOOC (0883.HK) for California's Unocal. Harper did not make clear what noncommercial activities he was referring to. He is fighting an election campaign and has stressed the need to protect Canadian sovereignty.

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