CANADA’S industry minister said yesterday he had still not made a decision on whether to allow BHP Billiton’s $39bn (£24.7bn) takeover of Potash Corp to continue.
Tony Clement has until the end of today (4am Thursday, UK time) to give the green light to BHP Billiton under the Investment Canada Act, which requires foreign takeovers to bring a net benefit to the country.
Clement issued a statement yesterday morning, following reports in the local press that he had cleared the deal. “I am currently reviewing the facts of the case. As of yet no decision has been made, and no decision or recommendation has been communicated to the investor,” he said.
The Canadian government has only rejected one foreign takeover since the investment laws were changed in the 1980s.