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BHP Billiton Bids $39 Billion for Potash Corporation

August 17, 2010
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Reuters reports BHP Billiton launched an unsolicited $38.6 billion takeover bid for Potash Corp., an offer that the world''s largest fertilizer maker promptly rejected. A steady rise in demand for crop nutrients like potash is expected to accelerate as the world''s population grows. The sector has emerged as a hotbed of acquisitions over the past year, with consolidation in both North America and Russia. Potash''s capacity, concentrated in the Canadian Prairie province of Saskatchewan is the world''s largest. Potash Corp Chairman Dallas Howe said in a statement that the BHP proposal substantially undervalues the company. The company has adopted a shareholder rights plan to guard against any hostile moves and said it was not in the best interests to enter talks with BHP.
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