(12 November 2010)
Response to Federal Government Decision on BHP Bid
On November 3rd, the federal government said “no” to the proposed hostile takeover of Potash Corp of Saskatchewan by BHP. We applaud this decision as Premier Brad Wall and the Government of Saskatchewan had advocated against this foreign takeover of such a strategic resource as potash. There was the potential to lose a very large and successful Canadian mining company that the people of this province are very proud of.
Your government undertook a careful review to evaluate if this takeover met the criteria of being a “net benefit” to our province and country – it did not. At risk were jobs, future revenue and royalties to the province and the safeguarding of our resource. Never before in world history has a takeover involved close to 30 percent of any one commodity located in any one place. This does not mean that we do not welcome private investment in Saskatchewan. BHP is working on developing a new mine at Jansen Lake and we look forward to that investment.
This is not the position of the provincial NDP and Dwain Lingenfelter. They want to eliminate private investment and go back to the 1970s and nationalize our industries, whether they be potash or oil or gas.
We do not believe that going backward is the right approach. We will continue to move our province forward while protecting the interest of the shareholders of our resources – you, the people of Saskatchewan. To watch or read the Premier’s speech on the Government’s position, go to the Premier's website.
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