Thursday, October 07, 2004

Aspers fanning protectionist winds
:: Noranda Deal should go through

My take on this story is that globalisation is a two-way street. Western firms can not expect to have Eastern walls removed and the red carpet rolled-out under their feet when they want to acquire assets in emerging countries but slam the door on reciprocity.

Apers' meddling and bias against the Chinese acquisition of Noranda is hypocritical at best and racist at worst.
Staunch ally of the leading UN resolution non-complier, it is hypocritical that the National Post is now citing China's human rights record in order to develop opposition to the favorable transaction.

By paying a premium to acquire Noranda, China's state-owned Minmetals is injecting precious funds in Canada's mining sector and hopefully the deal will go through:

"'There is some political noise, principally on the part of one newspaper chain, but none of the feedback we have had with the investment community suggests that anyone is giving much credence to this interference,' said David Weiner, a spokesman for Minmetals in Canada."

source: Yahoo! News - Canada to Eye China Rights Record in Noranda Bid