OTTAWA, March 28 The Canadian government will
remove the 25 percent foreign investment cap on medical isotope
provider Nordion Inc in cases that are deemed
to be of net benefit to Canada, under legislation introduced on
The proposed changes are contained in a lengthy bill that
will implement February's federal budget. Its passage is assured
because of the Conservative government majority in Parliament.
Currently, non-residents may not acquire more than 25
percent of Nordion's voting shares.
"The foreign ownership restrictions with respect to the
company were put in place when it was privatized in the early
1990s, and do not serve an ongoing purpose," said Melissa
Lantsman, spokeswoman for Finance Minister Joe Oliver.
"The removal of the foreign ownership restrictions will
allow Nordion to access more investment capital, enabling it to
better grow and create jobs, but is conditional on approval of a
transaction under the Investment Canada Act."
A spokeswoman for Nordion could not be immediately reached.
Nordion shares were down slightly in Toronto and New York in
late Friday trading.
(Reporting by Randall Palmer; Editing by Steve Orlofsky)