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BHP Makes Hostile Bid for Potash

August 19, 2010
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The New York Times reports, BHP Billiton took its $38.6 billion offer directly to shareholders after being turned down by Potash Corp. While Marius Kloppers, BHP’s chief executive, described the $130-a-share offer as attractive, particularly given that it was an all-cash bid, Potash investors signaled that they expected more. The move by BHP, which is based in Australia, was expected, and it immediately prompted a debate among analysts over how much the company would ultimately pay to expand its agricultural holdings. Along with that came speculation about who, if anyone, had the ability and interest to top BHP’s bid for Potash, which has significant control over the market for its namesake mineral deposit, a crucial ingredient in most fertilizers.
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