May 9, 2008
Canada Blocks Sale Of Space Tech Co.
Canada confirmed Friday its decision to block a foreign takeover of the space and satellite division of MacDonald Dettwiler and Associates, the country's leading space technology firm.
Industry Minister Jim Prentice first turned down the $1.3 billion takeover bid last month for Vancouver-based MDA's space division by Alliant Techsystems Inc., a U.S.-based munitions and rocket component maker.
Alliant Techsystems had 30 days to appeal the decision and the deadline passed Thursday.
It is the first time Canada has rejected a foreign takeover outright in the 19 years since the Canada Investment Act took effect in 1989. Read more
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