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Galen Weston, chair of Loblaw, said Canadian growth should rely on Canadian capital. “We don’t want to end up here in 10 years like, ‘The airports are owned by this country, and the pipelines are owned by that country, and the mines run by that country.’” (The Logic)
Talking point: Weston argued at the Canadian Club in Toronto on Friday that the country’s food distribution system has a high degree of foreign ownership, despite stores like Loblaws being cast as “central villains” for rising grocery prices. It’s something the company aims to change by investing domestically. Still, while Weston said Canadians should “lean in” to local investments, they should not go so far as to exclude global investors. He himself is pursuing the takeover of U.K. pharmacy chain Boots. Weston said U.K. and European investors seem “gaga” to invest in Canada after last month’s Canada Investment Summit, and praised Canadian companies like Couche-Tard that have “ambition to do things outside of the country.”
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