OTTAWA, July 28 (UPI) -- The Canadian government said it would review the sale of technology giant Nortel Networks Corp. to a Swedish company to see if it fit national interests.
"The issue will come up as to whether this is a bid that is acceptable to the government of Canada under the Investment Canada rules," Industry Minister Tony Clement said.
The Toronto Star reported the Swedish company, Ericsson, has bid $1.13 billion for the Canadian firm. But pressure had mounted for the government to review the sale.
Liberal Party leader Michael Ignatieff had pressed for a review "on behalf of all Canadians … to ensure that the intellectual property developed with the investment of taxpayers' dollars continues to benefit us all."
"Canada has a long tradition of welcoming foreign direct investment," Ignatieff said. However, "we must also be certain we can intervene to ensure Canadian interests," he said.