BHP’s bid for Potash is quashed November 3, 2010 CANADA has dealt a near-fatal blow to mining giant BHP Billiton’s $39bn (£24.7bn) plan to buy Potash Corp, after its industry minister blocked the bid and declared that the takeover would not sufficiently benefit the country. It is only the second time Canada has halted a foreign takeover since the power was introduced 25 years ago, [...]
BHP Billiton foiled again November 3, 2010 Canada’s rejection of BHP Billiton’s $39bn (£24.7bn) hostile bid for Potash Corp leaves the Anglo-American mining giant adrift. Chief executive Marius Kloppers has been extolling the importance of the takeover for months, but with just 30 days to deal with the government’s serious objections, it seems the blockbuster bid has all but run out of [...]
All eyes turn to Canada ahead of Potash decision November 2, 2010 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 [...]
FTSE lifted more than one per cent on the back of strong corporate earnings November 2, 2010 STRONG corporate earnings hoisted Britain’s top shares by more than one per cent on yesterday, led by energy stocks after BP and BG Group results and ahead of the outcome of the eagerly awaited US Federal Reserve policy meeting. At the two-day meet in Washington which started yesterday, the Fed will consider the prospect of [...]
BHP must up its Potash bid, says investor November 1, 2010 BHP BILLITON came under further pressure to increase its $39bn (£24.7bn) bid for Potash Corp yesterday, as a hedge fund and several analysts spoke out on the likelihood of the deal’s success. Sources familiar with the firm said BHP Billiton was unlikely to raise its $130 a share offer until it had cleared regulatory hurdles [...]
ANALYST VIEWS: WHERE DO YOU SEE THE BHP BID FOR POTASH GOING? November 1, 2010 CHARLIE GIBSON | EDISON MINING The challenge will be on the PR front, and how Canadians view BHP. Canada doesn’t have a bad record when it comes to protectionism, and the fact that BHP is an Anglo-American company can only help. TOM GIDLEY-KITCHIN | CHARLES STANLEY The decision tomorrow is the crucial point. If the [...]
BHP fights for a Potash deal October 31, 2010 BHP BILLITON faces a crucial week in its fight to buy Potash Corp, with the Canadian government and US courts deciding whether to allow its $39bn (£24.7bn) hostile offer to proceed. Potash attempted to goad BHP into raising its $130 a share bid at the weekend in a Canadian court filing, claiming it was “very [...]
Advances from BG Group and Shell help lift the FTSE 100 October 28, 2010 BRITAIN’S top share index pushed higher yesterday, helped by a rally in heavyweight commodity issues, notably oil major Royal Dutch Shell, whose third-quarter results beat market expectations. The FTSE 100 ended up 31.87 points, or 0.6 per cent, at 5,677.89, recovering after it reached its lowest closing level since 5 October on Wednesday. Energy issues [...]
Takeover target Potash smashes profit expectations thanks to strong demand October 28, 2010 PotasH, the world’s top fertiliser maker, steamrolled quarterly earnings expectations yesterday, on the back of stronger potash demand and higher prices for its nitrogen and phosphate-based nutrients. The Canadian fertiliser maker is currently battling a $39bn (£24.4bn) hostile bid from mining giant BHP Billiton. Potash Corp has flatly rejected BHP’s bid and launched a lawsuit [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 27, 2010 FINANCIAL TIMES SOUTH AFRICA STILL A DRAG ON ANGLO AMERICAN Anglo American, the mining company, is finding it hard to escape its South African roots despite its efforts to become a cosmopolitan corporate citizen. An array of risks in South Africa, the source of 41 per cent of operating profits last year, is having an [...]