Tuesday, March 24, 2009

Shouldn't Canadian Champions have Canadian names?

OTTAWA, March 24 (Reuters) - Canada's main opposition Liberal Party says it will support Suncor Energy Inc's (SU.TO) plan to buy rival Petro-Canada because it will create a dominant player in Canada's oil sands.

Michael Ignatieff, the Liberal leader, told reporters on Tuesday he will back Suncor's plan to create Canada's biggest oil company following briefings held by the chairmen of the two firms.

"We want a Canadian champion in this industry," he said. "That is the justification for this merger."

If the Liberals want a Canadian champion, then why isn't the resultant company being named Petro-Canada as opposed to Suncor........as in Sun Oil Company of Pennsylvania?

This is especially the case, if the resultant company will live by the 20% ownership restriction that previously governed Petro-Canada, and that must be temporarily stayed/waived by the Canadian government to permit this acquisition to proceed?

Stated another way, if the surviving corporate entity will be governed by the 20% ownership limit of the Petro-Canada Public Participation Act , then why would the surviving entity be called anything other than Petro-Canada, and since when are Canadian champions called names that are anything but Canadian in origin?

1 comment:

Dr Mike said...

Maybe instead of "Suncor" it should be called "Rottentothecore" for all the subsequent job losses that will result.

It won`t much matter if it a champion or not to the folks who are about to become just one more victim of the Conservative long-term Plan to integrate us economically with the US.

Before you know it , the US Pres & our illustrious PM will be doing joint prime time news conferences together too--the Big Pres & the Little Pres , how snazzy is that.

Dr Mike Popovich