Yes, once the ownership transfer is legally complete and both entities are actively doing business. The relationship is tested on the corporate records as they stand at filing, so the petition should follow the closing and include the updated register.
The relationship must be legal fact, then documented fact
A qualifying relationship exists when one entity owns and controls the other, or both are owned and controlled by the same parent or individuals. An acquisition of a majority of the U.S. plant's shares by the Canadian feed company creates a parent-subsidiary relationship at the moment the transfer takes legal effect.
There is no waiting period, but the relationship must be provable. USCIS expects to see the purchase agreement, evidence that consideration was paid, and the post-closing stock ledger or share certificates. If the deal was an asset purchase into a newly formed U.S.
company rather than a share purchase, the analysis shifts: the new company must be shown to be owned by the Canadian parent and to be doing business, and if it has been operating for less than a year the petition falls under the new-office rules with a one-year initial approval. Both entities must remain active throughout Dana's stay; if the Canadian mill closed, the L-1 basis would end.