Advertisement Follow Reuters
Facebook Twitter RSS YouTube
Read
Exclusive: EU calls emergency meeting as crisis stalks Italy 10 Jul 2011 1 Boehner: spending curbs, no tax hikes for debt deal 3:08am EDT 2 Republican Pawlenty raps rival Bachmann 10 Jul 2011 3 WRAPUP 1-Taxes still a stumbling block in U.S. debt talks 1:01am EDT 4 Taxes still a stumbling block in debt talks | Video 3:08am EDT 5
Discussed
102 Jury resumes deliberations in Casey Anthony murder trial 89 Asia pollution blamed for halt in warming: study 64 Obama faces new obstacles in high-stakes debt talks
Watched
Obama aiming for big debt deal Obama aiming for big debt deal Sun, Jul 10 2011 Royal humor ahead of Polo match Royal humor ahead of Polo match Sat, Jul 9 2011 Royals wrap up North American tour Royals wrap up North American tour Sun, Jul 10 2011
UPDATE 1-Canada eyes Nortel patent sale review- minister
inShare Share this Email Print
Related News
Canada eyes Nortel patent sale review- minister Thu, Jul 7 2011 Dealtalk: Google bid "pi" for Nortel patents and lost Fri, Jul 1 2011 Apple/RIM group top Google in $4.5 billion Nortel sale Fri, Jul 1 2011 RIM agrees to study board changes; avoids vote Thu, Jun 30 2011 Prince William, Kate begin Canadian tour in Ottawa Thu, Jun 30 2011
Analysis & Opinion
News Corp non-execs need to step up Tech wrap: Verizon ditches unlimited data plan
Related Topics
Stocks » Markets » Media » Technology »
Thu Jul 7, 2011 3:46pm EDT
* Minister says aims to ensure compliance with law
* Gives no detail on timeline for decision (Adds quotes from minister, details)
(Reuters) - Canadian Industry Minister Christian Paradis said on Thursday that officials in his office are studying whether to formally review a sale of Nortel patents to ensure investment law was properly applied.
A consortium including Apple (AAPL.O), Microsoft (MSFT.O) and Research In Motion (RIM.TO) bid $4.5 billion to buy the thousands of Nortel (NRTLQ.PK) patents in a recent auction. [ID:nNL3E7I10H]
Under the Investment Canada Act, the federal government must review any foreign investment or purchase of Canadian assets worth C$312 million ($325 million) or more. It can reject transactions that do not provide a "net benefit" to Canada.
But while the Nortel patents' sale price clearly exceeded that threshold, their book value is likely far lower and may make a review difficult to justify.
Asked by reporters on a conference call if he had any specific concerns about the investment, Paradis said: "No, the point is just to make sure ... that we are compliant with the law."
Paradis declined to provide a timeline on when the ministry would decide if it will review the purchase, citing legal restrictions. He also did not say if the consortium members had sought approval.
($1=$0.96 Canadian) (Reporting by Louise Egan, writing by Alastair Sharp; Editing by Jeffrey Hodgson)
|