BHP Will Lodge Motion to Remove Legal Obstacle to Potash Bid
by
Oct 1st 2010 7:44AM
Updated Oct 1st 2010 7:48AM
BHP Billiton (BHP) will lodge a motion intended to remove a legal obstacle to its $39 billion hostile takeover bid for Potash Corp (POT).
BHP said it plans to file a motion challenging a lawsuit filed by Potash Corp., which alleges that BHP misrepresented material facts related to the bid.
BHP will file its motion in the next few days, Reuters reported.
Potash Corp. rejected BHP Billiton's bid in August, saying it was "grossly inadequate." BHP then took the offer to Potash Corp's shareholders, while Potash Corp. went looking for other offers.
China's Sinochem is working on a challenge to BHP's bid, but it is struggling to find a partner, Reuters said.
BHP said it plans to file a motion challenging a lawsuit filed by Potash Corp., which alleges that BHP misrepresented material facts related to the bid.
Potash Corp. rejected BHP Billiton's bid in August, saying it was "grossly inadequate." BHP then took the offer to Potash Corp's shareholders, while Potash Corp. went looking for other offers.
China's Sinochem is working on a challenge to BHP's bid, but it is struggling to find a partner, Reuters said.
