MELBOURNE, Australia – BHP Billiton is considering its options after its $40-billion offer for Potash Corporation of Saskatchewan was rejected by the Canadian government. Industry Minister Tony Clement made the announcement on Nov. 3, 2010, saying that the proposal failed the “net benefits” test as outlined by the government. The company has an initial period of 30 days in which to make further representations to the government.
“BHP Billiton is disappointed, but continues to believe that the offer is of net benefit to Saskatchewan, New Brunswick and Canada. BHP Billiton will continue to co-operate with the minister and the Investment Review Division of Industry Canada and will review its options,” the company said in a press release following the announcement.
More information can be found at www.BHPBilliton.com.