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Sinclair Stevens , the Tory industry minister who helped open Canada to foreign investment with the creation of the Investment Canada Act in 1985, says Ottawa should reject a Chinese state-owned oil company's bid to take over Calgary-based Nexen Inc.
Sinclair Stevens , the Tory industry minister who helped open Canada to foreign investment with the creation of the Investment Canada Act in 1985, says Ottawa should reject a Chinese state-owned oil company's bid to take over Calgary-based Nexen Inc.
(Tim Fraser/Tim Fraser)

Nexen deal called dangerous precedent

The man who famously flung open Canada’s doors to foreign investment 27 years ago is speaking out against a Chinese state-owned petroleum company’s takeover bid for a major Alberta oil producer.

Sinclair Stevens was industry minister in the mid-1980s when the Mulroney government undertook a major rewrite of the rules governing foreign buyouts of homegrown companies.