June 1, 2012 / 3:52 AM / 6 years ago

Canada minister unaware of any foreign bid for RIM

OTTAWA (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.

Canada's Finance Minister Jim Flaherty waits to testify before the Commons finance committee on Parliament Hill in Ottawa May 15, 2012. REUTERS/Chris Wattie

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.

Reporting by Randall Palmer; Editing by James Dalgleish

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