BHP

Potash Sinks After Canada Rejects BHP Billiton Bid

Shares of Potash Corp. were down Thursday after Canada blocked BHP Billiton's bid to buy the company, and it appears unlikely that the government, focused on protecting national assets, will change its mind.

Canada Rejects Takeover Bid for Potash

In a surprise decision by a government that has historically favored foreign investment, Canada has rejected a foreign takeover bid for Saskatchewan-based Potash Corp. Australian mining company BHP Billiton had offered $38.6 billion in what would have been the world's largest corporate acquisition this year.

Sinochem Closer to Countering BHP's Bid for Potash

The FTC has cleared a BHP Billiton bid for Potash Corp., but that hardly matters. Authorities in the fertilizer company's home country of Canada may not approve the transaction. And it looks like BHP won't be the only bidder. The giant Chinese conglomerate Sinochem is working on an offer.