Need to review foreign takeover rules, says energy union president

OTTAWA, Nov. 4 /CNW/ - Canada's largest energy union is pleased with the federal government's decision to block the foreign takeover of Saskatchewan Potash Corporation, but says a review of foreign investment rules is urgently needed. 

"This is only the second time, since the Investment Canada Act came into force, that a takeover bid has been rejected, while 13,500 have gone ahead," says Dave Coles, President of the Communications, Energy and Paperworkers Union of Canada. 

"We are hopeful that the Conservative government has recognized that Canada can't continue to lose control of our economy by allowing foreign corporations to own our resources," he says. 

"The focus needs to be on keeping jobs in Canada and on protecting what's left of our manufacturing base."

CEP is the largest union for workers in other key resource sectors, such as forestry and oil, and Coles says the government's 'laissez-faire' attitude has resulted in "a hollowing out of our manufacturing base in the forestry and energy sectors."

"When it comes to the oil industry, our raw bitumen is being shipped to the US for value-added processing," says Coles. " In forestry, we have raw logs going to China from BC."

For further information:

Dave Coles [phone]