Yesterday, in a statement, Canada rejected a bid by BHP Billiton Ltd, the world's biggest mining company. Mr. Tony Clement, who is industry Minister, said that the bid for takeover of Potash Corp. of Saskatchewan Inc. was rejected, as there is no benefit to Canada in this takeover. This incident may have hurt the image of Canada as pro-trade country.

It will penalize the companies which are investing overseas and discourage foreign investors from investing in Canada. He haven't given any other reason for the rejecting of the bid and said further that for appealing against the ruling, BHP has 30 days.

In the country's history this deal would have been the second-largest takeover. Jack Mintz, who is working as an economist and the expert of public policy at Calgary University said that due to this incident, the Canadian companies may face problems, when they will try to take over the companies overseas in future.

Also, the Canadian Prime Minister Stephen Harper may find it difficult to convince US and other countries lawmakers to shed protectionism and level the market for companies.