Takeover blocked
Posted Nov 3, 2010 06:11:49 PM.
This article is more than 5 years old.
The federal government is blocking a $40-billion takeover bid by BHP Billiton to buy PotashCorp.
Industry Minister Clement says the takeover offer would not benefit the country.
The deal was reviewed under the Investment Canada Act.
Potash Corp. of Saskatchewan is the world’s biggest producer of potash, a key component used in fertilizer.
BHP has attempted to woo Saskatchewan, saying that it would make the province the headquarters of its global potash operations and ensure the provincial government coffers aren’t hurt by the takeover.
However, Saskatchewan Premier Brad Wall came out strongly against the deal.
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