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Wall backs new foreign investment rules

REGINA - The man who argued against a foreign takeover of PotashCorp. is supporting the federal government's new rules that restrict state-owned enterprises in the oilsands.

Saskatchewan Premier Brad Wall says Ottawa should go further and extend those rules to potash and uranium.

The Harper government has introduced strict limits on how much foreign state-owned influence is acceptable, particularly in the oilsands.

Wall says foreign investment is welcome and a case could be made for opening up rules for private companies.

But the premier adds there should still be limits on takeovers where the Canadian company involved controls a lot of a strategic asset, such as potash.

Wall successfully argued in 2010 that BHP Billiton's (NYSE:BHP) US$40-billion proposed takeover of PotashCorp. (TSX:POT) failed a net benefit test strategically, fiscally and economically .

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