When the Australian mining and natural resources giant BHP Billiton Limited bid $40 billion to buy Canada’s Potash Corporation of Saskatchewan Inc. in 2010, the Canadian government was quick to slam the door in its face, proclaiming that the merger would not be of “net benefit to Canada.”
The decision floored legal experts. In trashing Billiton’s hostile takeover on “net benefit” grounds, the government relied on the language of the 1985 Investment Canada Act (ICA). The act had been used only once before to block a deal, in 2008—and that one had potential national security implications.
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