The term “privacy” connotes personal information, and personal information is anything that can, under the Privacy Act and the Access to Information Act, serve to identify an individual or something about themselves personally or privately.
In fact the concepts that you are referring to, confidential business information, for instance, is another important concept of law, but that is described as confidential business information. It's not described as a privacy interest.
It's certainly up to a judge, but I personally would be surprised if this were construed as going beyond what we normally refer to as personal information or privacy interests.