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  • Ontario's middle and working class families are losing ground August 15, 2017
    Ontario is becoming more polarized as middle and working class families see their share of the income pie shrinking while upper middle and rich families take home even more. New research from CCPA-Ontario Senior Economist Sheila Block reveals a staggering divide between two labour markets in the province: the top half of families continue to pile […]
    Canadian Centre for Policy Alternatives
  • Join us in October for the CCPA-BC fundraising gala, featuring Senator Murray Sinclair August 14, 2017
    We are incredibly honoured to announce that Senator Murray Sinclair will address our 2017 Annual Gala as keynote speaker, on Thursday, October 19 in Vancouver. Tickets are now on sale. Will you join us? Senator Sinclair has served as chair of the Truth and Reconciliation Commission (TRC), was the first Indigenous judge appointed in Manitoba, […]
    Canadian Centre for Policy Alternatives
  • How to make NAFTA sustainable, equitable July 19, 2017
    Global Affairs Canada is consulting Canadians on their priorities for, and concerns about, the planned renegotiation of the North American Free Trade Agreement (NAFTA). In CCPA’s submission to this process, Scott Sinclair, Stuart Trew and Hadrian Mertins-Kirkwood point out how NAFTA has failed to live up to its promise with respect to job and productivity […]
    Canadian Centre for Policy Alternatives
  • What’s next for BC? July 4, 2017
    Five weeks ago the CCPA-BC began a letter to our supporters with this statement: “What an interesting and exciting moment in BC politics! For a bunch of policy nerds like us at the CCPA, it doesn’t get much better than this.” At the time, we were writing about the just-announced agreement between the BC NDP […]
    Canadian Centre for Policy Alternatives
  • Could skyrocketing private sector debt spell economic crisis? June 21, 2017
    Our latest report finds that Canada is racking up private sector debt faster than any other advanced economy in the world, putting the country at risk of serious economic consequences. The report, Addicted to Debt, reveals that Canada has added $1 trillion in private sector debt over the past five years, with the corporate sector […]
    Canadian Centre for Policy Alternatives
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M&A 2012

We knew that the takeover of Nexen by CNOOC was big but I at least didn’t realize how big it was till I saw the Wall Street Journal’s list (Jan.2, 2013) of the 25 biggest M&A deals world-wide in 2012 where it ranked 5th and was the largest deal made by a Chinese company.

Canada made the list one more time with the takeover of Viterra by Glencore International of Switzerland (actually Anglo-Swiss) in the 25th spot. Viterra has its origins – as Canadian as they get – in the wheat pools and coops of western Caada. Prairie farmers were notoriously distrustful of the Winnipeg Grain Exchange and of commodity traders in general. So its ironic, and just a bit sad, that Glencore is a multinational commodity trading company – and mining company, which is pretty problematic these days – and is said to be the world’s largest commodity trader, no less. Also in 2012, in the 2nd largest M&A, Glencore acquired another Swiss multinational mining company, Xstrata, in what was called the biggest mining takeover ever.

While presumably of slight interest and consequence to Investment Canada, Glencore indeed has a chequered history. It was created in 1994 by billionaire commodity trader Marc Rich “who was charged with tax evasion and illegal dealings with Iran, but pardoned by Bill Clinton in 2001” as he left office. Glencore is “now owned and runh by Marc Rich’s secretive inner circle of ‘lieutenants’.” (Wikopedia)

RepRisk, a business service that advises stakeholders on the environmental and social risks associated with individual companies, lists on is website “The Most Controversial Mining Companies of 2011.” In a race no-one should want to win, Glencore is ranked 3rd in the world, beating out Canada’s own Barrick Gold in 8th place.

So goes the relentless march of monopoly capital with all its baggage and collateral damage, cannibalizing Canada in the process.

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