BHP Billiton’s (NYSE:BHP) bid for Potash Corp. of Saskatchewan (NYSE:POT) is officially dead in the water.
Articles Tagged "BHP Potash bid"
The market collectively held its breath last week, awaiting the ruling from the Canadian government as to whether or not BHP Billiton’s bid for Potash Corporation of Saskatchewan would be approved.
The province of Saskatchewan had decided that it opposes BHP’s bid for Potash Corp., creating a hurdle that the mining giant will have difficulty clearing, if it hopes to be successful in acquiring the company.
BHP Billiton’s CEO Marius Kloppers came to Canada knowing that he would have to impress the local politicians in order to keep his bid for Potash Corp alive. On Monday, Saskatchewan premier Brad Wall left a meeting with Kloppers saying he didn't see how the buyout would benefit his province or Canada, citing BHP's reluctance to commit to Canpotex.
Potash Corp. of Saskatchewan is seeking an SEC injunction to halt BHP Billiton's efforts to acquire the Canadian potash company.
The drama surrounding the who, what, where, when and how concerning a bid for Potash Corp of Saskatchewan is heating up. There has been a great deal of attention centered on companies in China potentially fending off a bid from BHP with the majority of this focus aimed towards Sinochem Group, China’s biggest fertilizer trader.
China, a country keen on ensuring it has the raw materials necessary to sustain its voracious appetite for growth, has cried foul play over BHP Billiton’s bid for Potash Corporation of Saskatchewan.