There comes a point when we as Canadians have to say enough is enough and we're not going to let our national assets be taken over by foreign interests. Over the years, we saw McLaughlin Motors taken over by GM, Imperial Oil was assumed by Exxon, Macmillan Blodel by Weyerhauser. Dofasco was purchased by Arcelor, which in turn was bought out by Mittal. Bell Canada is facing a possible hostile takeover by an American investment banker with the help of the CPP and RRQ and Teachers. And today's news is Alcan may be bought out by Alcoa.
Certainly we've moved beyond a branch plant economy -- that necessary in a free trade environment. But surely we can say there are some industries where there is simply no trespassing. The banks have probably made up their minds already -- they're going to tender their shares as well as the ones they hold in trust in the mutual funds they offer. But individual shareholders can put up a fight. A company as vital as Alcan should remain autonomous.
The proposed takeover is inherently anti-competitive. What would be left -- Alcoa and Reynolds?
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