One of the reasons Canadian cities struggle is the “branch plant mentality.” Valuable resources are used to attract companies in the hope that they will sprinkle a few crumbs in Canada in the form of, e.g., a warehouse or two. A city benefits from a subsidiary operation, but the future of that operation is always at the mercy of a foreign head office.
Nexen Inc. is a Canadian home grown business. Decisions made from its Calgary, Alberta head office put Canadian interests first. This company is not at the mercy of a foreign head office. Canada needs more Nexens, not fewer.
Canada is open for business. Canadian companies sell goods and services abroad. However, this must not result in the sell out of a Canadian company to a foreign entity!
The corporate takeover of Nexen Inc. by the China National Offshore Oil Corporation (CNOOC) must be disallowed. Canadians and their cities have suffered far too long from the branch plant mentality.
We failed to mention that Nexen was not 100% Canadian owned. It started in 1969 as Canadian Occidental Petroleum Ltd. (CanOxy), and was 80% owned by Occidental Petroleum, an US based oil company. The branch plant mentality goes back a long way.
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