Mr. Speaker, the government is aware of this proposed transaction and will monitor the situation closely to determine how the Investment Canada Act applies.
The hon. member should be aware that the acquisition of control by a foreign investor of a Canadian business with assets of $299 million or more is subject to review, and. where a transaction is subject to review, the investor must obtain approval of the Minister of Industry prior to implementing the investment.
The minister will only approve applications for review where an investment demonstrates that it is likely to be of net benefit to Canada.