BHP moves on from Potash takeover bid November 15, 2010 MINING giant BHP Billiton’s shares rose yesterday following its decision to abandon its hostile takeover of Potash Corp and begin a $4.2bn (£2.6bn) share buyback, as analysts pored over the world’s largest mining group’s next move. BHP’s London-listed shares closed 1.8 per cent up at £24.06, outperforming a 0.4 per cent gain in the FTSE [...]
BHP Billiton November 15, 2010 IT is the twelve billion dollar question: how do you spend your massive cash pile when every bid you make goes wrong? BHP Billiton blew $350m (£218m) of fees on its failed pursuit of Potash, having already spent some $75m on its aborted iron ore joint venture with Rio Tinto. Once bitten but twice shy, [...]
BHP Billiton pursuit of Potash over November 14, 2010 GLOBAL mining giant BHP Billiton last night killed off its protracted $39bn (£24bn) pursuit of Potash, the world’s biggest deal this year, and said it would return $4.2bn (£2.6bn) to investors through a share buyback. The move comes after Canada blocked BHP’s bid for the world’s largest fertiliser maker on 3 November and gave BHP [...]
BHP under heat to return cash November 11, 2010 ANGLO–AUSTRALIAN miner BHP Billiton’s boss is likely to face calls on Tuesday for a massive share buyback when he confronts shareholders in Australia after his third straight failure to pull off a major acquisition. Chief executive Marius Kloppers’ latest deal, a $39bn bid for Potash Corp, appears headed for the scrap heap, after Canada all [...]
CAR TALK November 9, 2010 BMW VISION EFFICIENTDYNAMICS FOUR-SEATER BMW has announced it is to put its stunning Vision EfficientDynamics four-seater sports car concept into production. Powered by a diesel/electric hybrid system, the 328bhp coupé will be capable of 0-62mph in 4.8 seconds and of reaching 155mph when it goes into production in 2013. Average fuel consumption should be just [...]
Woodside put in play as Shell sells big stake November 8, 2010 Royal Dutch Shell yesterday said it planned to sell almost a third of its 34 per cent stake in Woodside Petroleum for $3.3bn (£2bn), prompting predictions Australia’s largest oil and gas firm could become a bid target. The Anglo-Dutch oil major said it would retain a 24.27 per cent stake in Woodside for at least [...]
ArcelorMittal bids for Canadian miner November 8, 2010 ArcelorMittal, the world’s largest steelmaker, offered C$433m (£267m) for Canadian miner Baffinland Iron Mines yesterday, in a further move to raise self-sufficiency. Baffinland said its board had approved the offer, which values the company at C$1.10 a share, a premium of 16 per cent over the stock’s closing share price on Friday. Baffinland has been [...]
Canada considers a tougher takeover law November 7, 2010 CANADA is considering toughening up its foreign investment rules in the wake of its rejection BHP Billiton’s bid for Saskatchewan company Potash Corp last week. Industry minister Tony Clement, who said last week that BHP Billiton’s $39bn (£24.7bn) hostile bid for Potash did not deliver a net benefit to the country, said in an interview [...]
Russia in talks for Potash bid November 5, 2010 A RUSSIAN group said yesterday it was in intensive talks ahead of launching a rival bid for Potash Corp, as BHP Billiton said its blocked $39bn (£24.7bn) bid for fertiliser group Potash Corp was not dead and pledged to work with the Canadian government. Phosagro claimed it was in intensive talks with the Russian government [...]
FTSE rockets to pre-crisis level as investors bet on US recovery November 4, 2010 BRITAIN’S top shares closed at their highest in nearly 29 months yesterday as investors responded bullishly to the US Federal Reserve’s decision to pump more cheap money into the economy to boost flagging growth. Financial stocks, led by Man Group and mining and energy shares such as BHP Billiton and BP, surged higher as riskier [...]