Canadian government to review national security issues for BlackBerry bids

By Marc Castro

Oct 18, 2013 09:11 PM EDT

Struggling smartphone maker is seeking a buyer. According to Canadian Prime MInister Stephen Harper warned though that in doing so, the company should be wary of any such transactions which may raise national security issues.

Canada would be reviewing the issue for any foreign firm or individual bidding for the smartphone manufacturer based out of Waterloo, Ontario. The said review is in consonance with the national takeover law. He made the remarks just after he and European Commission President Jose Barroso signed an agreement in principle for trade between the EU and Canada.

He said, "BlackBerry is a very important player in the IT sector and the advanced information-technology and communications sector. So it would be very important that any transactions involving BlackBerry in the future not lead to any concerns about security in that particular area in the economy."

A previous instance was the interest of Egyptian tycoon Naguib Sawiris, which raised many red flags under the Investment Canada Act. Sawiris called the said move as 'anti-foreign investor.'

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