May 29, 1972 (28th Parliament, 4th Session)

Hon. lean-Luc Pepin (Minister of Industry. Trade and Commerce) moved

that Bill C-201, to provide for the review and assessment of acquisitions of control of Canadian business enterprises by certain persons, be read the second time and referred to the Standing Committee on Finance, Trade and Economic Affairs.
He said: Mr. Speaker, the objective of the bill we are studying today is to ensure that foreign takeovers of Canadian corporations take place only when such takeovers will bring appreciable benefits to Canada. This bill is also designed to increase such benefits as much as possible.
In fact, Bill C-201 provides that all proposed takeovers in excess of a certain amount, will have to be drawn to the government's attention, after this bill is passed. The gov-
Foreign Takeovers Review Act
ernment will be empowered to assess these takeovers and determine how they contribute to the welfare of Canadians. It would also empower the government to negotiate changes liable to increase the benefits that might be derived from those takeovers.