Anti-Takeover Proposal in Quebec Could Prompt National Trend: Supporter

By Marowits, Ross | The Canadian Press, August 13, 2012 | Go to article overview

Anti-Takeover Proposal in Quebec Could Prompt National Trend: Supporter


Marowits, Ross, The Canadian Press


Could Quebec create trend with anti-takeover idea?

--

MONTREAL - Quebec could become the first province to arm companies with a veto power over foreign takeovers, under a proposal with potential domino-effect implications for other parts of the country.

Two political parties have now promised that if they win the Sept. 4 election they would allow a company's board of directors to repel a foreign acquisition if it's deemed to be against the interest of workers or the greater community.

The latest such pledge from the Charest Liberals, whose promise Monday resembles an earlier one from the Parti Quebecois, prompted one analyst to predict copycat moves elsewhere in Canada.

The PQ, which leads in the polls, last week promised to amend the Quebec Corporation Act to also give corporate boards broader powers.

At a news conference Monday, Premier Jean Charest and Finance Minister Raymond Bachand said such rules would simply follow the lead of dozens of U.S. states with similar takeover restrictions.

The governing party also said that if it's re-elected it would create a $1 billion fund to help Quebec companies buy properties outside the province, with a special focus on the mining sector and in emerging powerhouses like Brazil, Russia, India and China.

All three major parties in the province have proposed, to varying degrees, policies to thwart foreign takeovers in Quebec -- a timely subject here given the attempted acquisition of the Rona hardware chain (TSX:RON) by the U.S. giant Lowe's.

The anti-takeover proposal would make it a little harder for such acquisitions to proceed in Quebec, said Michel Nadeau, executive director of the Institute for Governance of Private and Public Organizations. He said it would likely prompt other provinces to amend their own laws.

The Supreme Court of Canada ruled a few years ago in Bell Canada's fight with its bondholders that boards should consider the interests of all stakeholders, not just shareholders, he noted.

"Unfortunately, the provinces have not changed their legislation. Quebec will do it the first if the Liberals or the PQ are elected, but I'm sure that Ontario and other provinces will do the same as 27 U.S. states," he said in an interview. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Anti-Takeover Proposal in Quebec Could Prompt National Trend: Supporter
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.