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Canada Blocks BHP''s Potash Bid

November 04, 2010
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Reuters reports, Canada has blocked BHP Billiton''s $39 billion bid for Potash Corp, saying the deal would not benefit the nation. The rejection shocked BHP investors who are now betting on the global miner returning capital through a share buyback. Industry Minister Tony Clement gave the Anglo-Australian miner 30 days to come up with additional proposals that might make its offer for the world''s largest fertilizer producer more palatable to Canada. BHP said it was disappointed with the decision and was reviewing its options. Its shares opened 3.2 percent higher in Australia after the rejection, and the price of insuring its debt through credit-default swaps eased.

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