Petro-Canada hails new ownership rules

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CALGARY, Alta. – The federal government has announced plans to change the ownership rules surrounding Petro-Canada, and nobody is more pleased than the petroleum giant.

The feds announced May 18 that they plan to strike the 25 per cent restriction on foreign ownership under the Petro-Canada Public Participation Act, and will allow individual stakes in the business to rise to 20 per cent, up from 10 per cent.

The changes “will give us the competitive access to capital markets and the flexibility we need to help finance our future investment opportunities,” said Petro-Canada president Ron Brenneman. n

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