Vale Inco CEO asked by MPs for copy of takeover agreement

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Sep 14, 2009- 2:52 PM

By: Sudbury Northern Life Staff

 Nickel Belt MP Claude Gravelle and Sudbury MP Glenn Thibeault have sent a letter to Vale CEO Roger Agnelli requesting a copy of Vale’s agreement with Industry Canada to acquire Canadian-owned Inco in 2006.

The letter was copied to Industry Minister Tony Clement and Vale Inco CEO Tito Martins.

Gravelle and Thibeault have attempted to have the agreement, and any documents referencing the agreement, released under the Access to Information Act.

Each of the requests has been denied under Section 36 of the Investment Canada Act.

“I have tried every avenue I can think of to have this agreement released, and the government has continued to withhold it,” Gravelle said, in a press release.

“Without Vale’s consent, the contents of this agreement will never be made public. It’s been very frustrating for the community not to know what is said in this agreement. If Vale Inco is following the agreement, it should have no problem releasing it.”

When Vale acquired Inco in 2006, it stated in a press release that the company had committed to the Canadian Government that its acquisition would be a “net benefit to Canada.”

Thibeault said he is “skeptical of the deal's secrecy.”

“This is an agreement between a publicly-traded company and a democratic government. There should be no secret, back-room deals. I think that Canadians have a right to know exactly what was negotiated to allow a foreign corporation to take control of our natural resources. We know that they made commitments, and I want to make sure that they are being held to account.”

Gravelle has filed a complaint to the information commissioner for non-complete disclosure of his Access to Information Requests and is in discussions with the parliamentary legislative branch to see if a private member’s bill could be introduced to make the agreements public.

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8 Comments

  • Listen up Nickel Belt 9/15/2009 11:31:29 AM - Report Abuse

    The NDP MP's - Thibeault and Gravelle are doing some PR work here. They have quite the conundrum. They want VALE to pay higher corporate taxes that will affect their bottom line meaning VALE will want more concessions from their workers (union). Claude indicated VALE had lots and lots and lots of money last year in his election speech. Isn't that a conflict folks. On one hand he's going to bat to keep the support he needs from the mining community, but he wants to impose a policy to charge higher taxes on VALE that will hurt the workers that he's looking for their support. HMMMMM.

  • Man About Town_513 9/15/2009 7:38:15 AM - Report Abuse

    More hot air from the NDP. They know this is a publicity stunt. There is no way that a private company would release its purchase agreements. No way a government would expose any company's private documents.
    Corporate secrets on acquisitions would weaken Vale and all metals companies present and future operations.
    Vale and its competitors would all have first hand knowledge of how the other operates in bidding processes.
    Imagine if every corporation, that does business in Canada, would fear that the NDP could force top secret operations documents into the public view? - International companies would leave in droves creating a huge economic implosion. They wouldn't invest a dime and furthermore cut ties for purchasing Canadian goods.
    Enough of the grandstanding Thibeault and Gravelle. You're embarrassing yourself. (The NDP sinks lower and lower in credibility)

  • MAXIMVS-corruptioncentral 9/14/2009 10:15:31 PM - Report Abuse

    Legislators...MP's or MPP's can make laws at a whim....self imposed pay raises, street racing laws etc etc for example

  • Listen up Nickel Belt 9/14/2009 6:29:47 PM - Report Abuse

    Great points - the 6500 bunch have been a loyal group of supporters and can be counted on for lawn signs, volunteer time and money, not to mention a hall when needed. Claude and Glenn don't get as much from First Nickel and Sytel. They once mentioned the need for affordable housing in the north, even though it's the mining community that has lead to the sharp increase in real estate values in the Sudbury area over the last few years - which affects many more people than the 6500 bunch! Nobody ever considers that though.

  • JohnMay 9/14/2009 5:05:28 PM - Report Abuse

    "I meant well, but accomplished nothing". Anyone else noticing this constant re-occuring trend with the NDP?

  • Listen up Nickel Belt 9/14/2009 5:04:14 PM - Report Abuse

    Great points - the 6500 bunch have been a loyal group of supporters and can be counted on for lawn signs, volunteer time and money, not to mention a hall when needed. Claude and Glenn don't get as much from First Nickel and Sytel. They once mentioned the need for affordable housing in the north, even though it's the mining community that has lead to the sharp increase in real estate values in the Sudbury area over the last few years - which affects many more people than the 6500 bunch! Nobody ever considers that though.

  • Listen up Nickel Belt 9/14/2009 5:00:22 PM - Report Abuse

    Keep digging you two! That's your record thus far as MP's. Filing a complaint and having discussions about introducing a private member's bill - then passing out pamphlets misinforming the public about the Conservative government making contributions to CEMI - I guess $4 + million is an easy number to forget. Heck of an accomplishment boys.

    Oh ya...VALE has lots and lots and lots of money and should be taxed more. Claude - did you include that quote in your letter to CEO Roger Agnelli? Remember, that was your quote about this time last year.

    Cheers.

  • Ginger_1 9/14/2009 4:50:53 PM - Report Abuse

    This agreement is none of these MPs business. They didn't blink an eye last year when First Nickle shut down and laid off a whole workforce. Not a peep out of them when Xstrata did likewise, and silence once again when Sytel laid off 350 employees a few months ago.
    Stop pandering to 6500 people.
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