Posted in | News | Phosphates | Potash

Potash Corp Stalls BHP Billiton Takeover

BHP Billiton's hostile takeover bid for Potash Corp has taken a setback with a law suit being filed against it by Potash.

The Canadian company is trying to stop the mining firm from completing its $40 billion takeover as it feels that $130 a share is too low a price.

In the law suit it stated that BHP Billiton's bid is built on false and misleading statements and omissions. Potash Corp has also alleged that the mining giant is trying to drive down its share prices and wants a 60 day freeze on any moves made by BHP Billiton.

Melbourne, Australia based BHP Billiton has dismissed the lawsuit as entirely without merit. The statement released in response to the lawsuit stated that the company would contest it vigorously. It also said that while Potash Corp's actions seek to deprive its shareholders of a fully financed all cash offer, they did not believe that the lawsuit would delay their offer.

Both parties have been hostile towards each other ever since Kloppers met Bill Doyle near Chicago in August this year. U.S. analysts see the latest move as a some what aggressive move to try and hold off BHP Billiton until a possible rival bid from China can be made.

Joel Scanlon

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    BHP Billiton Plc. (2019, March 19). Potash Corp Stalls BHP Billiton Takeover. AZoMining. Retrieved on October 09, 2024 from https://www.azomining.com/News.aspx?newsID=360.

  • MLA

    BHP Billiton Plc. "Potash Corp Stalls BHP Billiton Takeover". AZoMining. 09 October 2024. <https://www.azomining.com/News.aspx?newsID=360>.

  • Chicago

    BHP Billiton Plc. "Potash Corp Stalls BHP Billiton Takeover". AZoMining. https://www.azomining.com/News.aspx?newsID=360. (accessed October 09, 2024).

  • Harvard

    BHP Billiton Plc. 2019. Potash Corp Stalls BHP Billiton Takeover. AZoMining, viewed 09 October 2024, https://www.azomining.com/News.aspx?newsID=360.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.