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Canadian government to monitor BlackBerry, will not bail out company

updated 10:56 am EDT, Fri August 23, 2013

No intention of helping Canadian phone manufacturer by government

Phone manufacturer BlackBerry will not receive government assistance as it attempts to rectify its financial situation, according to a Canadian government minister. Industry Minister James Moore advised that the government is hoping BlackBerry manages to turn itself around, but it will not intervene if the company is unable to do so.

In an interview with Bloomberg, Moore praised the company, saying "This is a Canadian company with a long track record of stirring up innovation and important changes in the products we all use. They employ a great number of Canadians. It's been a source of Canadian pride and we hope that they do well." Despite the nationalist statements, Moore says "it's for them to engage the market and provide devices and services, platforms, content that the market will receive well."

Indeed, it is possible that the Canadian government could still interfere with any partnerships, sales or other transactions that the phone producer makes with other companies. It has suggested that Blackberry continues to be a Canadian entity, and considering the government reviews any international takeovers for companies worth more than $344 million, it could block any potential foreign investment lifelines. Canadian pension funds have expressed an interest in making a deal with BlackBerry, something which the government likely will not interfere with.

It is noted by Bloomberg that, while the government is not planning to help BlackBerry financially, it did invest $9.5 billion into General Motors in an automotive bailout in 2009, alongside the government of Ontario.




by MacNN Staff

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