Sitting out

5 November 2010 By Robert Cyran Follow @rob_cyran

If Ottawa thinks a hole in the ground is a national gem, the group running the Toronto Stock Exchange probably qualifies as a diamond. As a result it may wind up sitting out further sector consolidation. That s a shame a foreign partner might help both Bay Street and Canada.

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BHP Billiton's offer for Potash Corp of Saskatchewan was blocked by Canadian authorities on Nov. 3 on the grounds that it offered no net benefit to the country. The decision is a rare rejection of a deal using the country's Investment Canada Act.

The Investment Canada Act requires the government to review large foreign takeover bids to see if they are a net benefit to the country. The government must weigh jobs, exports, technology, national security and whether the acquisition is compatible with economic policy.

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