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Vivendi’s benefits package persuades Copps to approve Seagram acquisition

News | 02/01/2001 5:00 am EST

Heritage minister Sheila Copps decided to waive foreign ownership guidelines that would have prevented Vivendi Universal from purchasing Seagram Ltd, after concluding that the company’s $300-million benefits package warranted an exception to the restriction. Under the Foreign Investment Guidelines, foreign takeovers of Canadian-controlled film distribution firms are technically prohibited, although the minister does reserve the right to grant approval if there are net benefits to Canada (CCR, July 6/00).

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