Posted AT 12:46 PM EST on 09/05/08
Prentice defends decision to kill takeover
OTTAWA — Industry Minister Jim Prentice says he stopped the sale of the maker of the Canadarm to an American buyer because the U.S. government would have gained control of a satellite perched over the Canadian Arctic.
Mr. Prentice, the first Industry Minister to block a foreign takeover since Canada's current investment rules were rewritten in 1985, stressed at a news conference at the Canadian Space Agency in Longueil, Que.
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