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Old 07-23-2012, 03:04 PM   #1
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WTF - Selling out to China!
Anyone else see this?

http://www.cbc.ca/news/business/stor...723-nexen.html

It actually angers, nay, outrages me. This is extremely short-sighted, and is only a further step to selling out all of our resources to foreign companies who won't care one bit about reinvesting any of their profits into Canada's economy. Bad move Nexen, and bad move Canada... I don't know what the rationale was for the sale, but if it was for the short term gain of a few major shareholders I hope they're proud of the decision they've made...
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Old 07-23-2012, 03:25 PM   #2
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Anyone else see this?

http://www.cbc.ca/news/business/stor...723-nexen.html

It actually angers, nay, outrages me. This is extremely short-sighted, and is only a further step to selling out all of our resources to foreign companies who won't care one bit about reinvesting any of their profits into Canada's economy. Bad move Nexen, and bad move Canada... I don't know what the rationale was for the sale, but if it was for the short term gain of a few major shareholders I hope they're proud of the decision they've made...
what about when Canadian Companies buy foreign resource companies. is that OK or should we stop that too
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Old 07-23-2012, 03:38 PM   #3
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Old 07-23-2012, 03:43 PM   #4
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y'all better learn
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Old 07-23-2012, 04:03 PM   #5
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That's pint sized compared to the already completed Sinopec-Daylight deal. I doubt that the majority of Nexen's shares are held by Canadian interests anyway; headquartered in Canada and Canadian are two different things these days.
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Old 07-23-2012, 04:55 PM   #6
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That's pint sized compared to the already completed Sinopec-Daylight deal. I doubt that the majority of Nexen's shares are held by Canadian interests anyway; headquartered in Canada and Canadian are two different things these days.
Yeah, I realize that, but since this was in the news this morning I thought I'd post it up. Nexen is (or at least I thought it was) one of those 'proud to be Canadian' companies and a real Canadian success story, so it just kind of disappoints me that this is happening.

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what about when Canadian Companies buy foreign resource companies. is that OK or should we stop that too
No, I don't think the practice should stop, but I do think that each case should be evaluated and the pros and cons weighed before any of these types of transactions happen. In this particular situation, given China's whole track record in things like workers' rights and environmental stewardship this just seems to me like a poor decision... I also don't believe that everything will stay exactly the same for current Canadian employees. Whether or not the head office stays in Canada, you know that sooner or later they will bring in managers from the parent company and the entire company dynamic will change, and I would be willing to bet that in 5 years it will be totally unrecognizable to the current staff. I really hope I will be proved wrong and they continue to operate as they do now and continue to employ a majority of Canadians as staff in Canada, but I just have a bad feeling about this – not to mention all of the other Canadian assets and companies being sold off to foreign interests.
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Old 07-23-2012, 05:05 PM   #7
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That's pint sized compared to the already completed Sinopec-Daylight deal. I doubt that the majority of Nexen's shares are held by Canadian interests anyway; headquartered in Canada and Canadian are two different things these days.
Daylight-Sinopec 2.1B Shale gas primarily
Nexen-CNOOC 15.1B Oil Sands

Which one is pint sized?
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Old 07-23-2012, 05:14 PM   #8
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What are you afraid of? The US has been doing this for years! Pfft!!

I wonder if they need a 150 ton Canadian or 100 ton US boat captain?
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Old 07-23-2012, 05:37 PM   #9
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We are too poor to invest in the future of our country's resources because we spend money on trinkets and baubles like terminally-ill (Dutch Disease ) drunken sailors on shore leave. Unlike some other governments which actually have strategies to raise capital, develop expertise and consolidate their global reach and economic influence using their country's energy assets (eg see report by some company called Bain Capital):

http://www.bain.com/offices/london/e...velopment.aspx
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Last edited by Duncan; 07-23-2012 at 05:42 PM.
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Old 07-23-2012, 05:41 PM   #10
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y'all better learn
chinese
My money is still on English. The west might be losing out financially, but we still have the lead culturally.

As for Nexen, I am less concerned what country has the controlling interest than I am how much influence they have in Parliament.
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Old 07-23-2012, 06:03 PM   #11
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Another deal announced this morning:

http://www.cbc.ca/news/business/stor...an-energy.html

Totally different situation here though - it is already a foreign asset and Talisman is not giving up a controlling interest...
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Old 07-23-2012, 07:34 PM   #12
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CNOC tried tried to buy Unocal back in the 00's. US govt stopped it and Chevron purchased it.
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Old 07-23-2012, 07:46 PM   #13
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Old news, man. Canada is the most foreign owned country in the world after Liechtenstein!

Mackenzie King (whose education was paid for by a wealthy American industrialist) started the ball rolling and it took off like a rocket after implementation of the FTA.

Did you know that as a child Brian Mulroney used to sing for the American who owned the mill in the town where he grew up for $50.00 bills? (USD no doubt)

The owning class of Canadians are whores par excellence!
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Old 07-23-2012, 10:21 PM   #14
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Old news, man. Canada is the most foreign owned country in the world after Liechtenstein!

Mackenzie King (whose education was paid for by a wealthy American industrialist) started the ball rolling and it took off like a rocket after implementation of the FTA.

Did you know that as a child Brian Mulroney used to sing for the American who owned the mill in the town where he grew up for $50.00 bills? (USD no doubt)

The owning class of Canadians are whores par excellence!
For all his flaws, BM was legit blue-collar. His dad worked as an electrician at the mill ... at least he became something. Where does your money come from?
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Old 07-23-2012, 11:18 PM   #15
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For all his flaws,
1.) He thinks he was Canada's greatest PM. Even said so to the camera!
2.) Mean drunk
3.) Took him 3 tries to pass the bar
4.) Liar

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Where does your money come from?
From an honest days labour. Not in a brown envelope stuffed with $1000.00 bills!
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