I
The Michigan Daily-Thursday, August 6, 1981-Page 5
TRUDEAU ENERGY PLAN SE TS STAGE FOR SHOWDOWN
Canadian-U.S. business colliding
OTTAWA (AP) - Prime Minister Program soon thereafter. Canadian private and government cor- further undermining the already weak
Elliott Trudeau's bold plan to make Both sides seem eager to defuse the porations have gone on a buying spree, Canadian currency. Canadian officials
Canada's energy industry more confrontation. But even the Americans spending $6 billion to take over U.S. and say the pace of takeovers may slow, but
Canadian and less American has set concede privately the Trudeau gover- European energy subsidiaries, the goal of "Canadianizing" the energy
Canadian producers on a collision tour- nment is unlikely to budge. lowering the level of foreign control to industry remains in place.
se with U.S. business and government. "U.S. firms*... must learn Canada is 66 percent. Trudeau's program is designed to
The quiet struggle involves billions in not the 51st state," the New York con- Trudeau's goal is 50 percent enable Canadians "to seize control of
future profits and could shake the foun- sulting firm Multinational Strategies Canadian ownership by 1990. their own energy future through
dations of Canadian-American frien- advised American businessmen in a Finance Minister Allan MacEachen security of supply" and to make them
A -t t asked Canadian banks July 29 to cut energy self-sufficient by 1990.
dship.
THE U.S. Congress may take new
steps toward a showdown in Septem-
ber, as legislative committees consider
retaliatory moves against the
Canadians. And the Canadian
Parliament is expected to approve the
final provisions of the National Energy
recent report.
THE NEP uses financial incentives
and other means to encourage greater
Canadian ownership of the oil and gas
industry here. Before the program was
announced last October, foreign firms
- mostly American - controlled 70
percent of the industry. Since October,
back on the money they were lending to
finance Canadian takeovers of U.S.-
owned firms.
SOME PERCEIVED this as a con-
cession to American complaints about
the aggressive Canadians, but one U.S.
official involved in the behind-the-
scenes diplomacy maintains the
Canadians "did what they did for their
own reasons."
Those reasons involve Canada's
economic health - by exchanging
Canadian dollars for American to buy
the 11_Sassets-hbusieenherewer
THE U.S. and other governments
contend the discriminatory aspects of
the NEP violate agreements among
Western nations for equal treatment of
foreign investors. But in the face of the
complaints the Canadians thus far have
made only minor concessions.
Members of Congress were angered
not only by the energy program but also
by recent Canadian attempts to take
over firms in the United States.
Du Pont wins Conoco
after long struggle
From AP and UPI Du Pont's offer.
NEW YORK - Chemical-giant Du After a midnight champagne victory
Pont esterda beat out Mobil Oil Co celebration next door to corporate
Pnth era beat out o Co- headquarters in Wilmington, Del.,' Du
and the Seagram liquor giant for Con- Pont chairman Edward Jefferson said
oco Inc., the nation's ninth largest oil the chemical concern "would move
company, ending a multibillion dollar forward as rapidly as possible to effect
merger contest, the biggest and most a merger of the two companies."
spectacular in American history. But while Du Pont will control Conoco
Du Pont acquired effective control of - and Conoco's large reserves of coal,
the huge oil and coal company shortly oil and natural gas - the nation's
after midnight Tuesday when its biggest chemical company must face
banking agent claimed title to 47.3 billions of dollars of debt and a minority
million shares, or 55 percent, of Conoco owner, Seagram Co. Ltd., that may
stock attracted to the company's $7.4 wind up with a larger share of Du Pont
TUESDAY MIDNIGHT was the than the Du Pont family controls.
THE DU PONT-Conoco combination
deadline for Conoco stockholders to with sales in excess of $32 billion, will
change their minds and withdraw from rank as the nation's seventh largest in-
dustrial concern, just behind Ford
Motor Co.
INDIVIDUAL THEATRES
5th Ave at liberty 761.0700
Ian's robbed
Five hundred dollars in cash was
stolen from Ian's Patisserie, 326 S.
Main, Tuesday night, while the store
was open, police reported yesterday.
The thief entered the bakery through
the unlocked rear door, police reported,
and then pried the lock off the business
office door. Police have no suspect in
custody.
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