ClearWest Posted September 1, 2007 Report Posted September 1, 2007 U.S. Steel agrees to buy StelcoUpdated Mon. Aug. 27 2007 8:03 AM ET CTV.ca News Staff U.S. Steel Corporation has agreed to buy Stelco Inc., based out of Hamilton, Ont., in a deal that marks the last of the major Canadian-owned steelmakers. Stelco has agreed to be purchased for CDN $38.50 in cash per share, or about US $1.1 billion, the companies announced Monday. Stelco was officially put up for sale earlier this summer after emerging from bankruptcy protection under the Companies' Creditors Arrangement Act last year. In a press release, U.S. Steel said it expects the acquisition of Stelco to bolster its position as a leading supplier of flat-rolled steel products in the North American market. "With major facilities located on both sides of the Great Lakes, this acquisition will significantly increase our ability to respond to market demands and our customers' needs," John P. Surma, U. S. Steel Chairman and CEO, said in a press release. Read the rest here. Is this a tragedy for Canada's national interests? What is to blame for this loss: lack of government interference or too much of it? Quote A system that robs Peter to pay Paul will always have Paul's support.
bush_cheney2004 Posted September 1, 2007 Report Posted September 1, 2007 Is this a tragedy for Canada's national interests? What is to blame for this loss: lack of government interference or too much of it? Neither...it is market forces working as they are supposed to. No shortage of "Canadian company buys..." for US "interests"...such as this one: Canadian Company Buys Longview Fiber's Pacific Northwest Timberlands For $2.15 Billion http://www.manufacturing.net/article.aspx?...7884&terms= Same thing is happening for US railroads snapped up by Canadian firms. Are these tragedies for US national interests? Quote Economics trumps Virtue.
geoffrey Posted September 1, 2007 Report Posted September 1, 2007 What exactly is the problem with this? Quote RealRisk.ca - (Latest Post: Prosecutors have no "Skin in the Game") --
Riverwind Posted September 1, 2007 Report Posted September 1, 2007 Same thing is happening for US railroads snapped up by Canadian firms. Are these tragedies for US national interests?You might have a point except the US government has blocked the purchase Burlington Northern by CN. Canada is quickly becoming the _only_ country that does not protect its domestic industry from takeovers. We need to have a rule that prohibits the purchase of Canadian corporations by any entity that is protected from takeover by a foreign government . Quote To fly a plane, you need both a left wing and a right wing.
bush_cheney2004 Posted September 1, 2007 Report Posted September 1, 2007 You might have a point except the US government has blocked the purchase Burlington Northern by CN. Canada is quickly becoming the _only_ country that does not protect its domestic industry from takeovers. We need to have a rule that prohibits the purchase of Canadian corporations by any entity that is protected from takeover by a foreign government . And you might have a point if Canada didn't purposely solicit so much foreign investment over the past 50 years. Still, plenty of US rail is now owned by CN: The Grand Trunk Corporation is the subsidiary holding company for the Canadian National Railway's (AAR reporting mark CNA) properties in the United States. Grand Trunk Corporation controls almost all of CN’s U.S. operations which include the Grand Trunk Western Railroad, GTW, Illinois Central Railroad, IC, Wisconsin Central Ltd., WC, Duluth, Winnipeg and Pacific Railway, DWP and Great Lakes Transportation, GLT, which includes the Bessemer and Lake Erie Railroad, B&LE and the Duluth, Missabe and Iron Range Railway, DMIR. [Wiki] Quote Economics trumps Virtue.
Leafless Posted September 1, 2007 Report Posted September 1, 2007 (edited) What exactly is the problem with this? Don't you think foreign ownership can eventually turn Canada into a third world country. Do you actually think foreign ownership of Canadian companies is going to save Canadian butt. We are losing our national sovereignty, security, economic , social and cultural well being. Here is a partial list of foreign owned companies in Canada: " Foreign owned companies among Canada's current largest companies Main article: Branch plant economy General Motors Canada, Canada's largest automotive manufacturer, owned by Detroit-based, General Motors Wal-Mart Canada, wholly owned by Wal-Mart of the US Toyota Canada Inc. owned by Japan's Toyota Ford Motor Company of Canada, owned by the American Ford company Imperial Oil, controlled by ExxonMobil, which owns 69.8% of its stock. DaimlerChrysler Canada owned by German-American giant DaimlerChrysler Shell Canada, owned by Royal Dutch Shell. British Petroleum Canada, owned by British Petroleum Mitsui and Company, part of the Japanese Mitsui empire Honda Canada Inc., owned by Honda of Japan Ultramar fuels, owned by US-based Valero Costco, whose Canadian operations are the 7th largest private company in Canada as of 2006, is based in Seattle Labatt Brewing Company purchased by Belgian brewer Interbrew in 1995 Hudsons Bay Company, Canada's largest retailer, and North America's oldest corporation (est. 1670), sold to U.S. investor Jerry Zucker in 2006. ING Bank of Canada, the largest foreign bank in Canada, formed by the purchase of several small Canadian companies, controlled by the Dutch ING Group Sears Canada, one the largest retailers (created by buying old Simpson's stores), controlled by the US Sears Holdings Corporation IBM Canada, owned by IBM Safeway Canada supermarkets, owned by Safeway Inc. Cargill Ltd. owned by Cargill of Minnesota McDonald's Canada, owned by McDonald's Pratt & Whitney Canada owned by US United Technologies Corporation Nissan Canada, owned by Nissan Motors of Japan Parmalat Canada owned by Parmalat of Italy [edit] Former major Canadian Companies acquired by foreign owners See also: Category:Defunct companies of Canada MacMillan Bloedel, B.C. forestry giant acquired by Weyerhaeuser for US$2.45 billion in 1999 JDS Fitel announces $8.9-billion merger with U-S.-based Uniphase to form JDS Uniphase, in 1999. Company headquarters move from Ottawa to San Jose. Eaton's, at one time Canada's largest retailer, with a history going back to 1869, purchased by Sears in 1999, and closed in 2000 Seagram distillery and entertainment conglomerate, sold to Vivendi Universal and Pernod Ricard in 2000 Corel, a software and programming company, taken over by Vector Capital in August 2003. PetroKazakhstan a Calgary-based company exploring in Central Asia, was purchased by the Chinese state-owned China National Petroleum Corporation in 2005 CP Ships Ltd., acquired by the parent company of Hapag-Lloyd Container Line, TUI AG, in an all-cash transaction worth $2.3 billion US in 2005 Molson Brewries, one of the oldest companies in Canada merged with Coors, in 2005. Terasen Inc., previously BC Gas (a public utility company), sold to American-owned energy giant Kinder Morgan for $6.9 billion. The deal is approved by the B.C. Utilities Commission despite 8,000 letters of protest, 2005. Canadian Pacific hotels the owner of many of Canada's most historic hotel properties (operating under the name Fairmont Hotels and Resorts since 1999) is sold to Colony Capital, LLC of California and Kingdom Holding Company of Saudi Arabia for $3.9 billion, in January of 2006. Dofasco, Canada's largest steel maker acquired by Luxembourg-based Arcelor, January 2006. Noranda (mining company) & Falconbridge Ltd., purchased by Swiss mining company Xstrata in 2006. Noranda had earlier been a target of state-owned China Metals Corp., but had backed out in 2005 amid public concern in Canada of Chinese state control of such a major company. ATI Technologies, Canada's graphics chip maker, to be acquired by Advanced Micro Devices, July 2006. Stelco, Canada's last major independent steel producer, taken over by United States Steel in August 2007. Alcan purchased by Rio Tinto in 2007. Other examples Bell Centre, owned by George N. Gillett Jr.. Montréal Canadiens, owned by Club de hockey Canadien, Inc., owned by George N. Gillett Jr.. Creo Inc., a world leader in digital printing software acquired by Eastman Kodak Zenon Environmental Inc., a successful and innovative technology company spawned in Hamilton -- sold to General Electric Co. Tim Hortons, sold to US Wendy's International in 1995, later to be sold to the public an IPO in 2005. CN Rail, the historic Canadian railway, now estimated to be 2/3 US owned. It should be noted that many US shareholders gained shares in CN when they received CN shares in exchange for their original shares in US railways like Illinois Central. Another interesting fact is that when CN planned to merge with US railway BNSF in 1999, it was the American government that stopped the project. Gulf Canada Resources, which had formerly been part of US-based Gulf Oil, but had since become independent, was purchased by US-based Conoco in a deal worth $6.7 billion in 2002. Moore Wallace sold to U.S.-based R.R. Donnelley and Sons for $4.9 billion. Masonite, bought out by Kohlberg Kravis Roberts & Co. ID Biomedical, Canadian vaccine maker acquired by Drug giant GlaxoSmithKline for $1.8 billion. Vincor International Ltd., Canada's top wine maker and distributor, purchased for $1.4 billion by Constellation Brands Inc. of Fairport, NY, USA Bauer, Cooper, and Hespeler, historic hockey equipment manufacturers bought by Nike in 1994 CCM (The Hockey Company), acquired by Reebok in 2004 http://en.wikipedia.org/wiki/Foreign_owner...anies_of_Canada What's Left? Edited September 1, 2007 by Leafless Quote
Pliny Posted September 2, 2007 Report Posted September 2, 2007 Don't you think foreign ownership can eventually turn Canada into a third world country. No. How could it do that? What could turn Canada into a third world country is an inability to safely invest in it. Do you actually think foreign ownership of Canadian companies is going to save Canadian butt. It can't hurt it. We are losing our national sovereignty, security, economic , social and cultural well being. Sounds like genocide to me, better get jennie on that one. Here is a partial list of foreign owned companies in Canada: " Foreign owned companies among Canada's current largest companies Main article: Branch plant economy General Motors Canada, Canada's largest automotive manufacturer, owned by Detroit-based, General Motors Wal-Mart Canada, wholly owned by Wal-Mart of the US Toyota Canada Inc. owned by Japan's Toyota Ford Motor Company of Canada, owned by the American Ford company Imperial Oil, controlled by ExxonMobil, which owns 69.8% of its stock. DaimlerChrysler Canada owned by German-American giant DaimlerChrysler Shell Canada, owned by Royal Dutch Shell. British Petroleum Canada, owned by British Petroleum Mitsui and Company, part of the Japanese Mitsui empire Honda Canada Inc., owned by Honda of Japan Ultramar fuels, owned by US-based Valero Costco, whose Canadian operations are the 7th largest private company in Canada as of 2006, is based in Seattle Labatt Brewing Company purchased by Belgian brewer Interbrew in 1995 Hudsons Bay Company, Canada's largest retailer, and North America's oldest corporation (est. 1670), sold to U.S. investor Jerry Zucker in 2006. ING Bank of Canada, the largest foreign bank in Canada, formed by the purchase of several small Canadian companies, controlled by the Dutch ING Group Sears Canada, one the largest retailers (created by buying old Simpson's stores), controlled by the US Sears Holdings Corporation IBM Canada, owned by IBM Safeway Canada supermarkets, owned by Safeway Inc. Cargill Ltd. owned by Cargill of Minnesota McDonald's Canada, owned by McDonald's Pratt & Whitney Canada owned by US United Technologies Corporation Nissan Canada, owned by Nissan Motors of Japan Parmalat Canada owned by Parmalat of Italy [edit] Former major Canadian Companies acquired by foreign owners See also: Category:Defunct companies of Canada MacMillan Bloedel, B.C. forestry giant acquired by Weyerhaeuser for US$2.45 billion in 1999 JDS Fitel announces $8.9-billion merger with U-S.-based Uniphase to form JDS Uniphase, in 1999. Company headquarters move from Ottawa to San Jose. Eaton's, at one time Canada's largest retailer, with a history going back to 1869, purchased by Sears in 1999, and closed in 2000 Seagram distillery and entertainment conglomerate, sold to Vivendi Universal and Pernod Ricard in 2000 Corel, a software and programming company, taken over by Vector Capital in August 2003. PetroKazakhstan a Calgary-based company exploring in Central Asia, was purchased by the Chinese state-owned China National Petroleum Corporation in 2005 CP Ships Ltd., acquired by the parent company of Hapag-Lloyd Container Line, TUI AG, in an all-cash transaction worth $2.3 billion US in 2005 Molson Brewries, one of the oldest companies in Canada merged with Coors, in 2005. Terasen Inc., previously BC Gas (a public utility company), sold to American-owned energy giant Kinder Morgan for $6.9 billion. The deal is approved by the B.C. Utilities Commission despite 8,000 letters of protest, 2005. Canadian Pacific hotels the owner of many of Canada's most historic hotel properties (operating under the name Fairmont Hotels and Resorts since 1999) is sold to Colony Capital, LLC of California and Kingdom Holding Company of Saudi Arabia for $3.9 billion, in January of 2006. Dofasco, Canada's largest steel maker acquired by Luxembourg-based Arcelor, January 2006. Noranda (mining company) & Falconbridge Ltd., purchased by Swiss mining company Xstrata in 2006. Noranda had earlier been a target of state-owned China Metals Corp., but had backed out in 2005 amid public concern in Canada of Chinese state control of such a major company. ATI Technologies, Canada's graphics chip maker, to be acquired by Advanced Micro Devices, July 2006. Stelco, Canada's last major independent steel producer, taken over by United States Steel in August 2007. Alcan purchased by Rio Tinto in 2007. Other examples Bell Centre, owned by George N. Gillett Jr.. Montréal Canadiens, owned by Club de hockey Canadien, Inc., owned by George N. Gillett Jr.. Creo Inc., a world leader in digital printing software acquired by Eastman Kodak Zenon Environmental Inc., a successful and innovative technology company spawned in Hamilton -- sold to General Electric Co. Tim Hortons, sold to US Wendy's International in 1995, later to be sold to the public an IPO in 2005. CN Rail, the historic Canadian railway, now estimated to be 2/3 US owned. It should be noted that many US shareholders gained shares in CN when they received CN shares in exchange for their original shares in US railways like Illinois Central. Another interesting fact is that when CN planned to merge with US railway BNSF in 1999, it was the American government that stopped the project. Gulf Canada Resources, which had formerly been part of US-based Gulf Oil, but had since become independent, was purchased by US-based Conoco in a deal worth $6.7 billion in 2002. Moore Wallace sold to U.S.-based R.R. Donnelley and Sons for $4.9 billion. Masonite, bought out by Kohlberg Kravis Roberts & Co. ID Biomedical, Canadian vaccine maker acquired by Drug giant GlaxoSmithKline for $1.8 billion. Vincor International Ltd., Canada's top wine maker and distributor, purchased for $1.4 billion by Constellation Brands Inc. of Fairport, NY, USA Bauer, Cooper, and Hespeler, historic hockey equipment manufacturers bought by Nike in 1994 CCM (The Hockey Company), acquired by Reebok in 2004 http://en.wikipedia.org/wiki/Foreign_owner...anies_of_Canada What's Left? Bombardier Quote I want to be in the class that ensures the classless society remains classless.
Leafless Posted September 2, 2007 Report Posted September 2, 2007 No. How could it do that? What could turn Canada into a third world country is an inability to safely invest in it. Bottom line to any successful company is PROFITS. How to you achieve higher profits...hint, lower employee salaries. And how low can they go? We already have proof thanks to mass ethnic immigration that ethnics will work for less than Canadians, weekends included and be thankful for that. Couple this with lower salaries paid by major corporations will be a magnet for ethnic Canadians. Where does this leave the average disgruntled White Canadian? Unemployed, bitter, but now realizes the sad truth, Canada, under new management, is being continually transformed towards third world status. Bombardier That was your answer to what's left. Bombardier, one of the most ever dependent Canadian companies on federal and provincial government handouts. Maybe that's why no one wants it. Quote
bush_cheney2004 Posted September 2, 2007 Report Posted September 2, 2007 Don't you think foreign ownership can eventually turn Canada into a third world country. Do you actually think foreign ownership of Canadian companies is going to save Canadian butt. We are losing our national sovereignty, security, economic , social and cultural well being.... Canada as you know it today would not exist without foreign ownership and investment. Canada cannot save it's economic "butt" alone. Quote Economics trumps Virtue.
Pliny Posted September 2, 2007 Report Posted September 2, 2007 Bottom line to any successful company is PROFITS. How to you achieve higher profits...hint, lower employee salaries. And how low can they go? We already have proof thanks to mass ethnic immigration that ethnics will work for less than Canadians, weekends included and be thankful for that. Couple this with lower salaries paid by major corporations will be a magnet for ethnic Canadians. Where does this leave the average disgruntled White Canadian? Unemployed, bitter, but now realizes the sad truth, Canada, under new management, is being continually transformed towards third world status. That was your answer to what's left. Bombardier, one of the most ever dependent Canadian companies on federal and provincial government handouts. Maybe that's why no one wants it. Sorry, I thought you were asking for some government help, handouts in the form of protection from foreign investors - sort of having all Canadian corporations emulating Bombardier. It's the ideal solution to your problem. The best scenario is where everyone wins. But the reality is it takes ingenuity, innovation and creativity to stay on top. Not whining and running to Daddy. So grow up and use your head not some law enforcing your right to make a profit over someone else. It seems people that complain about others making a profit don't seem to realize they are living off the profits of others. Quote I want to be in the class that ensures the classless society remains classless.
geoffrey Posted September 2, 2007 Report Posted September 2, 2007 Don't you think foreign ownership can eventually turn Canada into a third world country. Not at all. Do you actually think foreign ownership of Canadian companies is going to save Canadian butt. What do I care? We are losing our national sovereignty, security, economic , social and cultural well being. If culture is only in terms of media ownership, we are in far bigger trouble that you insist. I can understand your concern if your talking about the Chinese taking over resource industry. These aren't people that are interested in profit, just resource security. Private business people from the US or Sweden or Pakistan or wherever are interested in exactly what Canadian owners are, maximizing profit. So it really makes no difference. What's Left? All of the other companies not on that list. We have several major international players buying up foreign companies too. -- What you don't understand is that foreign investment provides a positive cash flow into Canada. Some French guy buys my business, for example, gives me $50 million bucks. My company becomes irrelevant. My recognized value on that sale is $50m, which I then invest again into the economy. If my business continues to operate, then Canada does even better. The only reason I would sell is if I think my cash would preform better in another company. And someone will only invest if they believe they can better run my company. These are two positives. Quote RealRisk.ca - (Latest Post: Prosecutors have no "Skin in the Game") --
Leafless Posted September 2, 2007 Report Posted September 2, 2007 Canada as you know it today would not exist without foreign ownership and investment. Canada cannot save it's economic "butt" alone. And why is that? Quote
Leafless Posted September 2, 2007 Report Posted September 2, 2007 Sorry, I thought you were asking for some government help, handouts in the form of protection from foreign investors - sort of having all Canadian corporations emulating Bombardier. It's the ideal solution to your problem. Bombardier in my mind is next to a federal crown corporation, but is not. I do not support this type of subsidization and incompetent Bombardier should have been left to die a natural death years ago. The best scenario is where everyone wins. But the reality is it takes ingenuity, innovation and creativity to stay on top. Not whining and running to Daddy. So grow up and use your head not some law enforcing your right to make a profit over someone else. It seems people that complain about others making a profit don't seem to realize they are living off the profits of others. I am grown up and you are talking to the wrong person. Please direct your comment to the greedy, immature Canadian companies who it seems don't know their ass from a hole in the ground. Quote
Leafless Posted September 2, 2007 Report Posted September 2, 2007 What you don't understand is that foreign investment provides a positive cash flow into Canada. Some French guy buys my business, for example, gives me $50 million bucks. My company becomes irrelevant. My recognized value on that sale is $50m, which I then invest again into the economy. If my business continues to operate, then Canada does even better. Re-invest profits from the sale of your previous company, back into the Canadian economy? Are you actually saying every investor does this or do they re-invest their money in some other venture outside of Canada? You will have to cite proof to confirm what you are saying is factual. The only reason I would sell is if I think my cash would preform better in another company. And someone will only invest if they believe they can better run my company. These are two positives. There is no guarantee of either happening or actually succeeding. Quote
geoffrey Posted September 2, 2007 Report Posted September 2, 2007 (edited) Re-invest profits from the sale of your previous company, back into the Canadian economy? Are you actually saying every investor does this or do they re-invest their money in some other venture outside of Canada? It's likely a combination of both. Investing outside the country brings a stream of positive cash flows over the course of the investment. That is also good. It can't be all one way or another, but since a balance does exist, we can maintain profitability in over both the short and long terms. Are you proposing banning Canadians from investing abroad too? There is no guarantee of either happening or actually succeeding. Your right. But when dealing with shareholders cash, you sure as hell better have some heavy research into the matter. Lenders don't give you $50M on a whim, you have to prove to them you'll recongize value in a rather short time frame. Edited September 2, 2007 by geoffrey Quote RealRisk.ca - (Latest Post: Prosecutors have no "Skin in the Game") --
Leafless Posted September 2, 2007 Report Posted September 2, 2007 Are you proposing banning Canadians from investing abroad too? I promote Canadians investing in Canadian companies. But unfortunately many Canadian investors are reluctant to support and buy shares in small, medium size companies. My brother invest heavily in this area but readily admits lack of investor confidence in small, medium Canadian companies has more or less always been problematic in Canada and fail to allow these companies to reach any level of success despite promising and proven potential relating to their products. On the other hand in the U.S. Americans are not afraid to support their small and medium sized business or investing anywhere else in the world. Strange indeed. Quote
geoffrey Posted September 2, 2007 Report Posted September 2, 2007 I suggest that if that problem does exist, which I dispute it does, it's not a legislative problem. It's all investor attitudes. The best thing the government can do is to make business more profitable and efficient through encouraging technological advances and increases in productivity (or stop discouraging them). The more profitable Canadian companies are, the more Canadians will want to invest. If I'm offered an opportunity between two companies, I'm going to pick the more profitable one regardless of the nationality (excluding tax considerations). I may not invest in something that I'm really morally against (say into China or some of the Islamic states), but generally, you want the most return on your limited dollars. That said, I've played a role in arranging a few private equity investments in Calgary, once as a minor investor and three times working for others in the deal (the sum of the four total deals was about $50m). Perhaps you don't realise how much private cash changes hands, in Canada, outside of the stock markets? Canadians are eagerly investing in oil sands and other resource plays out here. You'll be hard pressed though, to find someone interested in investing in a North American auto company or something along those lines. Quote RealRisk.ca - (Latest Post: Prosecutors have no "Skin in the Game") --
cynic43 Posted September 2, 2007 Report Posted September 2, 2007 . You'll be hard pressed though, to find someone interested in investing in a North American auto company or something along those lines. Daimler Chrysler comes to mind.....you don't read much do you? Quote
jdobbin Posted September 2, 2007 Report Posted September 2, 2007 There are several areas of concern if takeovers. One of the big things is whether it is anti-competitive. I don't know enough about the steel industry to know if is or not. I would hope that someone in the federal government would care to find out. There have been some who have brushed off the loss of head offices. It is not an insubstantial concern. Once you lose a head office of say, 500 to 1000 people, you often lose the movers and shakers in a community as well. I think that has been well demonstrated in cities across Canada. Quote
Pliny Posted September 3, 2007 Report Posted September 3, 2007 Bombardier in my mind is next to a federal crown corporation, but is not. I do not support this type of subsidization and incompetent Bombardier should have been left to die a natural death years ago. I am grown up and you are talking to the wrong person. Please direct your comment to the greedy, immature Canadian companies who it seems don't know their ass from a hole in the ground. Sorry, my post was little too insulting personally. I apologise. Now, you say you do not support the type of subsidization Bombardier receives and it should have been left to die a natural death. How do you see the government protecting Canadian companies? And who in goverment should make the decision as to what companies should die a natural death or be put on life support? What is the criteria to determine which Canadian companies are greedy and immature? Quote I want to be in the class that ensures the classless society remains classless.
Michael Bluth Posted September 3, 2007 Report Posted September 3, 2007 Daimler Chrysler comes to mind.....you don't read much do you? Do you? Daimler dumped a big portion of it's take in Chrysler because they couldn't make a go of it profitably. Here is the link. Quote No one has ever defeated the Liberals with a divided conservative family. - Hon. Jim Prentice
August1991 Posted September 4, 2007 Report Posted September 4, 2007 There are several areas of concern if takeovers. One of the big things is whether it is anti-competitive.I don't know enough about the steel industry to know if is or not. I would hope that someone in the federal government would care to find out. There have been some who have brushed off the loss of head offices. It is not an insubstantial concern. Once you lose a head office of say, 500 to 1000 people, you often lose the movers and shakers in a community as well. I think that has been well demonstrated in cities across Canada. Assuming that you are right on these two points (foreign takeovers reduce competition and they move head office jobs out of the country), do you really believe that the government can do something positive to prevent this?Most evidence would suggest the opposite. Quote
jdobbin Posted September 4, 2007 Report Posted September 4, 2007 Assuming that you are right on these two points (foreign takeovers reduce competition and they move head office jobs out of the country), do you really believe that the government can do something positive to prevent this?Most evidence would suggest the opposite. I was thinking on even a smaller scale. Takeovers of trusts by banks removed competition in banking and closed head offices in cities across Canada. And governments have used anti-competition laws to prevent these type of practices. Quote
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