Welcome to the September issue of Blakes Competitive Edge, a monthly publication of the Blakes Competition, Antitrust & Foreign Investment group. Blakes Competitive Edge provides an overview of recent developments in Canadian competition and foreign investment law, including updates on enforcement activity by the Canadian Competition Bureau (Bureau), recent initiatives and key trends.
Key Highlights
- Merger review activity in 2026 continues to increase compared to last year, with the Bureau completing 157 merger reviews through the end of August 2026, as compared to 143 merger reviews through August 2025.
- The Bureau files an application to block Nortera Food Inc.’s proposed acquisition of B&G Foods Canada’s Green Giant and Le Sieur brands.
- The federal government issues a national security review notice to Lithium Chile Inc. in relation to its proposed sale of its subsidiary Argentum Lithium S.A. to China Union Holdings Ltd.
- Minister of Industry Melanie Joly rejects the appointment of an American executive to the board of a Quebec-based laser firm, CorActive High Tech Inc., that was acquired by a Chinese company, Han’s Laser Technology Group.
Competition Act
Merger Monitor
August 1 – August 31, 2026 Highlights
- 22 merger reviews announced, 19 merger reviews completed, with reviews taking 61 calendar days on average
- Primary industries of completed reviews: manufacturing (32%); transportation and warehousing (16%); wholesale trade (11%); professional, scientific and technical services (11%)
- Eight transactions received an Advanced Ruling Certificate (42%); nine transactions received a No Action Letter (47%); two transactions were resolved through other means
January 1 – August 31, 2026 Highlights
- 165 merger reviews announced, 157 merger reviews completed, with the reviews taking 47 calendar days on average
- Primary industries of completed reviews: manufacturing (20%); mining, quarrying, and oil and gas extraction (13%); real estate and rental and leasing (11%); finance and insurance (10%)
- 59 transactions received an Advanced Ruling Certificate (38%); 83 transactions received a No Action Letter (53%); four transactions were completed via consent agreement; nine transactions were resolved through other means; two transactions were abandoned by the parties
Merger Reviews Completed Year to Date Through August 31, 2026, by Primary Industry
Enforcement Activity
Bureau Seeks to Block Nortera Food Inc.’s Proposed Acquisition of B&G Foods Canada’s Green Giant & Le Sieur Brands
- On August 19, 2026, the Bureau announced that it had applied to the Competition Tribunal to block Nortera Food Inc.’s (Nortera) proposed acquisition of B&G Foods Canada’s Green Giant and Le Sieur brands. Nortera, which the Bureau found to be a dominant producer of certain canned and frozen vegetables, is known for brands such as Del Monte and Arctic Garden. In a backgrounder published on the same day, the Bureau alleged that the proposed transaction would harm competition in the supply of canned and frozen vegetables in Canada.
Non-Enforcement Activity
Bureau Submits Comments on National Strategy for an Electrified Canadian Economy
- On August 20, 2026, the Bureau published a Submission to Natural Resources Canada regarding the National Strategy for an Electrified Canadian Economy (National Strategy). The Bureau’s submission focuses on competition in the electricity sector as a means of providing more affordable options to consumers. In doing so, the Bureau offers four policy recommendations pertaining to the National Strategy. These are (1) removing regulatory barriers that prevent non-utility providers from competing, (2) factoring competition into planning and procurement to identify the lowest-cost solutions, (3) enhancing data portability and interoperability in the energy sector, and (4) promoting consumer choice through flexible pricing options, including smart tariffs.
Bureau Submits Comments to the CRTC on Harmonizing Consumer Protection Codes
- On August 24, 2026, the Bureau submitted comments in support of the Canadian Radio-television and Telecommunications Commission’s (CRTC) harmonization of consumer protection codes. The CRTC currently has four consumer codes: (1) the Deposit and Disconnection Code, (2) the Wireless Code, (3) the Television Service Provider Code, and (4) the Internet Code. The harmonization process seeks to unify these four distinct codes into a singular Consumer Protection Code. In its comments, the Bureau expressed its support for harmonizing the codes as well as its intention to respond to issues raised with respect to the harmonization of consumer protection codes at public hearings in November.
Investment Canada Act
Enforcement Activity
Federal Government Issues National Security Review Notice to Lithium Chile Inc.
- On August 17, 2026, Lithium Chile Inc. announced that it had received notice from the Minister of Industry that its proposed sale of subsidiary Argentum Lithium S.A. to China Union Holdings Ltd. would undergo a national security review pursuant to the Investment Canada Act (ICA). In a press release to its shareholders, Lithium Chile Inc. maintained that Argentum Lithium S.A. has no ties to Canada and the proposed sale falls outside the jurisdiction of the ICA.
Minister of Industry Blocks Board Appointment to Firm Bought by Chinese Company
- Minister of Industry Melanie Joly rejected the appointment of an American executive to the board of a Quebec-based laser firm, CorActive High Tech Inc. (CorActiv), that was acquired by the Chinese company Han’s Laser Technology Group in 2017. This refusal comes after the companies had agreed to undertakings at the time of the acquisition, which included mandatory background checks on prospective employees. Minister Joly’s decision cites national security concerns, particularly that CorActive’s technology could be used to benefit foreign militaries. CorActive filed an application at the Federal Court in July on the basis that the Minister’s decision is “substantively unreasonable.” CorActive had also filed a judicial review application challenging the federal government’s renewal of the undertaking for another year.
Foreign Investment Monitor
Cultural Investments
Information on Q3 cultural investments has not been published. The latest updates on cultural investments can be found in our Blakes Competitive Edge™: August 2026 Update.
Non-Cultural Investments
July 2026 Highlights
- 114 notifications filed (80 filed for acquisitions, 34 for the establishment of a new Canadian business)
- Country of ultimate control: United States (45%); Pakistan (10%); France (8%); Canada (6%)
January – July 2026 Highlights
- One reviewable investment approval and 685 notifications filed (509 filed for acquisitions, 176 for the establishment of a new Canadian business, and four approved net benefit applications)
- Country of ultimate control: United States (54%); Pakistan (6%); France (6%); United Kingdom (5%)
Investment Canada Act Non-Cultural Investment Filings and Approvals, January – July 2026
Blakes Notes
- On August 5, 2026, Blakes published a new cross-border checklist that highlights distinct business and legal considerations when doing a deal in Canada, including key aspects that may impact Canadian investments and operations.
- On September 14, 2026, Blakes lawyers discussed Canada’s new Foreign Influence Transparency and Accountability Act and the significant transparency and compliance regime for individuals and organizations engaged in a broad set of activities with or on behalf of a foreign principal.
- On September 15, 2026, Blakes Partner Julie Soloway participated in a panel discussion titled “Competition Meets Foreign Investment: Challenges for Practitioners” at the American Bar Association Antitrust Law Section’s Diverse Perspectives Roundtable in New York City.
- On September 16, 2026, Blakes published the Toolkit for Merger Planning and Review: A Guide to Getting Your Deal Done in Canada, a guide outlining key competition and foreign investment law considerations for companies carrying out M&A deals in Canada.
- Also on September 16, 2026, Blakes Partners Julia Potter and Fraser Malcolm hosted an online session alongside the Canadian Bar Associate titled “M&A Regulatory Update: Recent Developments in Canadian Competition and Foreign Investment Law.”
- On September 29, 2026, Blakes Partner Julia Potter will participate in the CBA Competition Law and Foreign Investment Review Section’s panel discussion entitled “Dark Patterns, Junk Fees and Drip Pricing.”
Contact Us
If you have any questions, please do not hesitate to contact your usual Blakes contact or any member of the Blakes Competition, Antitrust & Foreign Investment group.
