If the reporting I have read is accurate, 70% percent of PCS is owned by non-Canadians. The majority of the executive branch are Americans. Nine out of 15 executive live and work in the USA, including the CEO. This would lead me to believe that PCS is already a foreign owned mining company operating out of the USA and mining a Saskatchewan resource. PCS is no longer just potash mining, it has diversified to incorporate phosphate and nitrogen and claims ownership of other mines and business outside of Canada.
In today's SP (Oct. 14/10) PCS pledges to "maintain a strong and vital corporate headquarters in Saskatchewan." I suspect that means for the potash division of PCS rather than the whole of the organization.
How does this differ from what BPH is offering to do?
Former Premier Allan Blakeney now states PCS should be 60% Canadian owned. He suggests many Canadian pension plan groups in Eastern Canada would, in all likelihood, comprise the bulk of the 60% ownership. With all due respect to Mr. Blakeney, I think Western Canada remembers how well in past Ontario and Quebec have treated their Western brethren when dealing with our resources and/or products. Does anyone still have a "Let the Eastern bastards freeze in the dark" bumper sticker?
If the Eastern Pension Plan groups were prepared to pay the current market value of PCS shares they would already own the shares. Does this suggest that Canadians, worse yet, Saskatchewanians, purchase back these shares at the current value and sell them at an acceptable price to Canadian groups simply to have them in the hands of Canadians? Is this a suggestion of expropriation - again? There are shares for sale now. Go out and buy if you want them. Accordingly to the PCS CEO they are being sold under their value.
We should all remember that Canadian corporations do business in other countries. How we treat foreign business in Canada will reflect on how Canadian business is treated outside of Canada. What goes around . . .
It is imperative that our governments set the conditions of doing business in Canada and ensure the our public benefits from our resources. Outside of that, stay out of it.
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When the Devine government privatized PCS they stipulated 55% Canadian ownership. It was the NDP in the 90s that opened up the foreign ownership. And now Link is talking about nationalizing PCS again, it's all very cofusing.
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