A lot of fuss is being made over CNOC’s attempt to acquire Nexen. On the surface, this looks like the same, same-old. After all, some truly historical Canadian companies have been absorbed by international concerns. The once mighty Gulf Canada was purchased by ConocoPhillips. Dome, another solid Alberta outfit ended up with Amoco, which was purchased by BP. I have no idea who purchased Norcen (they gave me a scholarship when I was an undergrad)… maybe Husky? But then, Husky is Canadian (majority owned by a Hong Kong resident). What about Canadian Hunter? They were one of the most innovative Canadian oil and gas producers of the last 50 years! They were gobbled up by Devon. So… what is the difference?
Well, as a Canadian, I can go purchase shares of ANY of the companies that own the above assets. I can still participate in their economic success. I can go to shareholder meetings and hold them accountable! Try and do that with CNOC. You will be disappointed. Do not ignore this issue. Write your MP and let them know that selling off Canadian companies and putting them out of reach of Canadian investors is absolutely unacceptable.