TAKEOVERS: Canada for Canadians

Long worried by overwhelming U.S. ownership of some major industries, Canadians are trying a new tactic for redressing the balance: they are moving to buy up foreign-owned firms in key areas, particularly natural resources. Last week the government-owned Canada Development Corp. made a $290 million tender offer for shares in U.S.-owned Texasgulf Inc., a large natural-resource company that has piled up high profits by digging deep holes in the ground.

Texasgulf is ideally suited to be the first target in a Canada-for-Canadians thrust. More than 20% of the stock is owned by...

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