Reuters: Mergers News: Canada minister unaware of any foreign bid for RIM

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Canada minister unaware of any foreign bid for RIM May 31st 2012, 19:39 Thu May 31, 2012 3:39pm EDT OTTAWA May 31 (Reuters) - Canadian Finance Minister Jim Flaherty said on Thursday he did not know of any request to the federal government to review a possible foreign takeover bid of BlackBerry maker Research In Motion Ltd . Ottawa would have to clear any foreign bid for RIM under its Investment Canada Act, deciding whether it would be of net benefit to Canada. The company, which has hired bankers for a strategic review and to look for partnerships, warned on Tuesday it would likely report a shock fiscal first-quarter operating loss. It also said it plans to slash its workforce. "I'm not going to speculate about it ... As far as I know, we haven't been asked to review any proposal for RIM under the Investment Canada Act," Flaherty told reporters in New Brunswick. He also said RIM would have to reorganize without any help from the Canadian government. "It's an important company for Canada. It has been a leading company for Canada in terms of research, development and innovation but it does need to reorganize itself. And that is something that we expect the leaders in that company to do on their own," he said, according to a transcript of his remarks.

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