Excellent news for Canadian free-traders

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In summary, the HBC has agreed to be acquired by South Carolina billionaire businessman Jerry Zucker for $1 billion.
  • #1
fourier jr
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after ~140 years of waiting, Americans will finally get to own the HBC! At last HBC agrees to get acquired!

Hudson's Bay Co., the oldest company in Canada, has agreed to be acquired by South Carolina billionaire businessman Jerry Zucker in a deal worth more than $1 billion...

Hudson's Bay, founded in 1670, is Canada's largest department store chain with 550 stores, including the Bay, Zellers, and Home Outfitters. It has 70,000 employees.

:biggrin:
http://www.cbc.ca/story/business/national/2006/01/26/bay-060126.html

I highly doubt that our new conservative government led by the "free-trading" economist will try to stop it like when CNOOC tried to take over UNOCAL:
CNOOC, the Chinese state-backed oil group, today angrily tore up its $18.5 billion bid for Unocal, the American company, in the process lashing out at American protectionism for ruining its chances of securing a deal.

As it cited "unprecedented political opposition" as the main reason for withdrawing its offer, CNOOC argued that its own bid was delivered on purely commercial grounds and was worth $1 billion more than a rival offer from Chevron.

...

In a statement detailing its withdrawal from the bid process, CNOOC said: "The unprecedented political opposition that followed the announcement of our proposed transaction, attempting to replace or amend the CFIUS [Committee on Foreign Investments in the US] process that has been successfully in operation for decades, was regrettable and unjustified.
http://business.timesonline.co.uk/article/0,,13129-1718342,00.html
 
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  • #2
When buying a knife listed on The Bay's wedding registry for one of my relatives, I checked the price at The Bay then at Walmart. The Bay wanted $150, Walmart wanted $30, for the exact same knife.

It seems foolish to buy a store that solely relies on fools willing to pay 5x as much as they need to. Is there some magical element of The Bay that I'm just not aware of?
 
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  • #3
Yay! Our country is being sold!
 
  • #4
Smurf said:
Yay! Our country is being sold!
What's the problem ? You think the price is unfair ? :rolleyes:
 

1. What is the "Excellent news for Canadian free-traders"?

The "Excellent news for Canadian free-traders" refers to a recent development or policy change that is beneficial for those who support free trade in Canada. It could be a new trade agreement, a decrease in trade barriers, or other measures that promote free trade in the country.

2. How will this news impact the Canadian economy?

The impact of this news on the Canadian economy will depend on the specific details of the development. In general, free trade is believed to have positive effects on the economy by promoting competition, increasing efficiency, and expanding markets for Canadian goods and services. However, there may also be potential challenges and drawbacks that need to be addressed.

3. What are the potential benefits of free trade for Canada?

Free trade can bring numerous benefits to Canada, including increased foreign investments, job creation, and economic growth. It can also lead to lower prices for goods and services, as well as a wider variety of products for consumers to choose from. Additionally, free trade can improve international relationships and foster cooperation with other countries.

4. Are there any potential drawbacks or risks associated with free trade?

While free trade can bring significant benefits, it also has potential risks and drawbacks. For example, it may lead to job losses in certain industries that cannot compete with cheaper imports. There may also be concerns about unfair competition and the exploitation of workers in countries with lower labor standards. It is important for policymakers to carefully consider and address these potential issues when implementing free trade policies.

5. How does free trade benefit the average Canadian consumer?

Free trade can benefit the average Canadian consumer in several ways. It can lead to lower prices for goods and services, as well as a wider selection of products to choose from. It can also stimulate innovation and competition, which can result in higher quality products and services. Additionally, free trade can create job opportunities and boost economic growth, which can ultimately benefit consumers through increased purchasing power.

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