BHP Kills $39B Potash Bid Amid Canadian Resistance

Law360, New York (November 15, 2010, 3:25 PM EST) -- BHP Billiton Ltd. withdrew its $38.6 billion hostile takeover bid for Potash Corp. of Saskatchewan Inc. and reactivated a $4.2 billion buyback program for shareholders Monday, following a Canadian regulator's rejection of the takeover offer.

Despite receiving antitrust approval for the takeover, BHP said it would have to withdraw its offer for the fertilizer giant because it could not obtain clearance under the Investment Canada Act.

“BHP Billiton continues to believe its offer would have resulted in a significant net benefit to Canada, Saskatchewan and New...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.