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Oil & Gas

BHP Billiton Abandons Potash Fertilizer Bid

November 15, 2010
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The Associated Foreign Press reports, BHP Billiton has abandoned its $39 billion takeover bid for fertilizer-maker Potash after it was rejected by Canada, acknowledging its second major failure in recent weeks. The world''s biggest miner, whose $116 billion iron ore merger with Rio Tinto collapsed last month, said its "unparalleled" pledges on jobs and investment could not convince the country''s government of the deal''s merits. Canada''s Potash called BHP''s offer "substantially undervalued". The bid "failed to reflect both the value of our premier position in a strategically vital industry and our future growth prospects", Potash said in a statement. BHP launched its hostile, all-cash bid for Potash Corp in August, valuing it at $38.6 billion, an offer the Canadian firm immediately rejected as "wholly inadequate". BHP is rumoured to be eyeing Woodside Petroleum, Australia''s second-biggest oil and gas company, after Royal Dutch Shell sold $3.3 billion in shares, or a third of its stake.

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