Industry Canada

Industry Canada

November 14, 2010 17:12 ET

Industry Minister Clement Confirms BHP Billiton's Withdrawal of Its Application for Review under the Investment Canada Act

OTTAWA, ONTARIO--(Marketwire - Nov. 14, 2010) - Today, the Honourable Tony Clement, Minister of Industry, made the following statement regarding the withdrawal by BHP Billiton Development 2 (Canada) Limited (BHP Billiton) of its application for review under the Investment Canada Act (ICA) for the proposed acquisition of Potash Corporation of Saskatchewan Inc. (PotashCorp):

"I have been informed that BHP Billiton has withdrawn its application for review and informed its shareholders of this decision. Under the Act, this terminates the review process because there is no longer a transaction to review. 

"I would like to take this opportunity to recognize BHP Billiton's good faith and integrity throughout this process.

"The ICA is in place to ensure that major foreign investments in our economy are likely to be of net benefit to Canada. Our government recognizes, however, that there may be ways to improve the review process. Any changes deemed necessary will be addressed by our government in a responsible and appropriate manner. 

"Our policy has always been clear: we welcome foreign investment for all the benefits it brings, including new ideas, sources of capital, and job creation. Simply put, foreign investment is in the best interests of Canada and an open global economy."

Contact Information

  • Office of the Honourable Tony Clement
    Minister of Industry
    Lynn Meahan - Press Secretary
    613-995-9001
    or
    Industry Canada
    Media Relations
    613-943-2502