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.
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.
