Souris-Moose Mountain MP Ed Komarnicki made the following statement regarding the government's decision to reject BHP Billiton's bid to buy Potash Corp that was announced on November 3.
"Canadians, in particular Western Canadians, the people of Saskatchewan and the constituents of Souris-Moose Mountain have spoken loud and clear. They didn't want to see the proposed sale go forward and I'm sure relieved that the Minister has stated he is not satisfied that at this time the proposed transaction is likely to be of net benefit to Canada.
The federal government understands the intrinsic value of the potash industry to the people of Saskatchewan, the province of Saskatchewan and to the country. Obviously those of us who are part of the decision making process must be more circumspect than what we've seen from the opposition and others as this is a legal process requiring due consideration of all interests.
We have seen a lot of bluster and rhetoric on this issue and in this case I don't think that has been particularly helpful to their case or to the interests of Saskatchewan or Canada.
For weeks now many have weighed in on the proposed BHP Billiton bid for Potash Corporation of Saskatchewan. Canadians should know that the government has listened and consulted widely under the rules of the Investment Canada Act governing review of foreign investment prior to the Minister of Industry making his decision.
Under the law, BHP now has thirty days to make further representations to the government.
At the end of those thirty days, the Minister of Industry will make a final decision.
Under the law, the government cannot offer any further comment on the details of the Minister's decision until those thirty days have passed.
That said, Canada's natural resources are important economic drivers. We must be careful stewards of those assets, combined with the provinces under their constitutional jurisdiction. Any deals offered to purchase those resources must be to the net benefit of Canada and must make good business sense.
The Minister's statement to the effect that "some decisions can only be taken once, and there is no turning back, ever" really captures what I'm sure has weighed heavily with the people of Saskatchewan as well.
The Minister believed his decision was the right one, in the interest of Canada and Canadians. So do all Canadians, the people of Saskatchewan included."
