Wednesday, October 21, 2009

Euromoney Man creates conditions for wholesale foreign takeover of Canadian businesses

I guess we now know what it means to get in the good books of Euromoney?

First it was Abu Dhabi Energy acquiring Prime West Energy Trust. Then it was Hong Kong Billionaire Li Ka Shing acquiring TransAlta Power Income Trust and now we have Korean National Oil acquiring Harvest Energy. Meanwhile where is Euromoney man’s proof of tax leakage that was the false and fabricated argument for this insane policy? None of these buyers will pay a dime of taxes in Canada on these company's earnings, and are displacing Canadian investors who were happy to pay taxes at the rate of 38%. There's your tax leakage. Tax leakage created by this very policy.

Well done Stephen Harper and Jim Flaherty. You have made it an embarrassment to be a Canadian, as your actions have made fools of all of us.

Korean National Oil to Buy Harvest Energy Trust for $3.9 Billion

By Greg Chang

Oct. 21 (Bloomberg) -- Harvest Energy Trust said it agreed to a C$4.1 billion ($3.9 billion) sale to Korea National Oil Corp.

The buyer will pay C$10.00 per unit for a total cash consideration of about C$1.8 billion, and assume C$2.3 billion of debt. The price represents a 47% premium over the 30-day weighted average trading price of the units on the Toronto Stock Exchange up to and including yesterday.

Last Updated: October 21, 2009 21:12 EDT


Dr Mike said...

It is amazing to me that these guys can sleep at night.

Jim & his buddy Steve killed the small investor & never gave any of us a second thought other than to say that what they promised was not what they promised--good one Steve.

Jim yakked on & on about protecting the tax base so Canadians did not have to pay.

Am I stunned or what because it seems to me that loosing tax paying business models to foreign ownership or private equity ownership does just that.

Either these two guys just don`t care or they just don`t get it , or maybe both.

Maybe we should put a "For Sale" sign on the two of them , as surely an award winner & a trained economist must be worth something.

Dr Mike Popovich

Bruce Benson said...

Canadians are a pathetic lot. They prefer to be serfs on their own land. Oh, I forgot that Canadians don't own the land they live on preferring to work for their foreign masters for chump change. Of course Jimmy has helped Canadians achieve their dream of total foreign control. Welcome foreign investors, come on, come all, juicy tax free cash. Lastly Canadians, Jimmy doesn't want you investing your dirty cash here and it seems to be working according to his sadistic master plan.