Mr. Speaker, my question is directed to the Minister of Canadian Heritage.
Last Friday the minister announced approval of the sale of Maxwell Macmillan and Ginn Publishing to Paramount Communications. This sale reverses a long established policy and, in the case of Ginn Publishing, is the first time in 25 years that a Canadian owned book publishing firm has been allowed to fall into foreign hands.
The Investment Canada Act requires that Canadians have a full and fair opportunity to bid for a foreign owned Canadian book publishing company yet Canadian publishers have informed me that CDIC thwarted all attempts by them to bid on these companies.
Could the minister explain to the House why the government did not follow its own legislation and did not actively seek Canadian investors? Also, could the minister kindly explain what the difference is between his-