PotashCorp Snubs $43B Buyout Bid From BHP Billiton

Law360, New York (August 17, 2010, 2:46 PM EDT) -- Canadian fertilizer giant Potash Corp. of Saskatchewan Inc. on Tuesday rejected an unsolicited takeover bid by Australia's BHP Billiton Ltd. valued at $43.1 billion, calling the offer “grossly inadequate.”

BHP Billiton offered to buy PotashCorp for $130 per share in cash, in a transaction with a total value of $43.1 billion, including approximately $3.7 billion in assumed debt.

In a letter to BHP Billiton Chairman Jacques A. Nasser that PotashCorp made public Tuesday, the Canadian company rejected the proposal and called the timing of the unsolicited...
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