Canadian Prime Minister Stephen Harper said developing the world’s third-largest pool of oil reserves is as difficult as building China ’s Great Wall. Chinese companies may find themselves outside looking in. Harper announced a year ago tomorrow that Canada will keep state-owned enterprises from acquiring oil sands businesses — one of the last and biggest steps in an overhaul of foreign-investment review rules that govern takeovers of Canadian companies together worth more than C$1.87 trillion ($1.75 trillion). In addition to limits on state-owned investors, Harper has also blocked takeovers on national security grounds and concerns over the loss of strategic resources such as potash. The message for investors is Canada will accept less foreign capital and slower development to ensure resources are kept under some Canadian control, even at the expense of lower company valuations. Harper’s policy is “constructive nationalism,” said Marcel Coutu, chief executive officer of Canadian Oil […]