"Wholly Inadequate"

Potash Corporation is on side. Though its shareholders may not be too pleased with Canada's official government response to the hostile takeover bid by Australian company BHP Billiton. It seems obvious that both leaders of the Opposition, Jack Layton for the NDP and Michael Ignatieff of the Liberals are also profoundly unhappy over this unexpected turn of events.

That the Government of Canada, led by the Conservatives, who have claimed repeatedly that "Canada is open for business", has appeared to change its mind. They've been left sputtering dismay that the cudgel they meant to use to hammer the government has slipped out of their dastardly hands. So, though Canada remains 'open for business', just not this business.

Plenty of good reason to do so. Once burned, twice shy. Foreign take-overs of traditional Canadian corporations have often enough led to disappointments; promised employment opportunities suddenly disappearing, plants being closed and jobs transferred out of the country. And then there's the issue of natural resources, and a country's pride in assuming that it should, internally, control its own abundance of same.

The global demand for potash as a fertilizer means this is a much-needed resource commodity, one that can be relied upon to bring continued profit to the country, through the provinces, through ongoing employment and the prospect of new operating sites. There is already an estimated 40% American investment in Potash Corporation; Canadians should maintain a greater share - and bring the executive offices back to Canada.

It was a tough call to make, since Australia is a great good friend to Canada, both part of the Commonwealth, with shared values and a shared heritage. The bid, even at close to $40-Billion is said by those who should know, to be on the low side. Apart from the government's decision to forestall the buy-out, and taking the initiative away from the opposition, it also, clearly, represents internal politics.

The Western provinces were obviously in support of Premier Brad Wall who himself was (politically feigning?) almost apoplectic at the prospect of foreign ownership of his province's prime golden egg. His opposition to the takeover, while enraging the shareholders of the company, is wildly popular with his electorate; he will now be a venerated figure.

And Prime Minister Stephen Harper, who for reasons of his own couldn't find time to meet with Premier Wall at his desperate, last-minute request last week, has restored their amiable relationship in one fell swoop. At the same time, ensuring that his Western-based MPs remain firmly in his camp, where they belong.

The Investment Canada Act lends itself to interpretation either way; in this instance, there was seen to be no "net benefit" to Canada. Most Canadians would likely be of the solid opinion that the country's major resources should remain solidly in the hands of Canadians. It may be an illusion, but it's a fondly held one.

We like to think we are in control of what we 'own', that we shape our own destiny - whether or not we in fact, do.