Canada Blocks BHP's $39B Bid For PotashCorp

Law360, New York (November 3, 2010, 5:25 PM EDT) -- Canada's Minister of Industry Tony Clement has rejected BHP Billiton Ltd.'s $38.6 billion hostile takeover bid for fertilizer giant Potash Corp. of Saskatchewan Inc., possibly putting an end to a bitter battle between the two companies.

Clement rejected the offer Wednesday, saying he does not believe the deal will benefit Canada. He has given BHP 30 days to revise its offer.

“At this time, I am not satisfied that the proposed transaction is likely to be of net benefit to Canada,” Clement said in a statement....
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