OTTAWA, May 8, 2008 -- The Honourable Jim Prentice, Minister of Industry, today wrote to Alliant Techsystems Inc. (ATK), pursuant to paragraph 23(3)(b) of the Investment Canada Act, to confirm that he is not satisfied that its application to acquire control of the Information Systems Business of MacDonald, Dettwiler and Associates Ltd. (MDA) is likely to be of net benefit to Canada.
"I have confirmed my initial decision that I am not satisfied that ATK's proposed acquisition of the Information Systems Business of MDA would likely be of net benefit to Canada. I reached this decision after an extensive and rigorous review process," said Minister Prentice. "Foreign investment plays an important role in the Canadian economy. Foreign investors bring with them capital, knowledge, capabilities and technology that can increase the productivity, efficiency and competitiveness of Canadian firms. However, where a significant transaction does not demonstrate net benefit to Canada, it cannot be approved under the Investment Canada Act."
Based on this decision, ATK cannot implement its proposed acquisition of the Information Systems Business of MDA.
For further information (media only), please contact:
Director of Communications
Office of the Honourable Jim Prentice
Minister of Industry