Ottawa aims to prevent intellectual property transfer before government has ruled on any proposed takeover
The Canadian government is proposing to toughen scrutiny of foreign takeovers, citing national security concerns, just weeks after a new Indo-Pacific policy identified China as an “increasingly disruptive” power.
Foreign investors hoping to purchase Canadian companies that operate in sensitive sectors will be required to give Ottawa early notification of their intent to buy the asset, the government said. The changes would also hike penalties for foreign investors that run afoul of the rules to a maximum of $25,000 per day per breach. That’s up from $10,000 per breach per day.
“While our government continues to welcome foreign direct investment, we need to be vigilant and protect Canadian interests,” Mr. Champagne said.
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