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Ottawa rejects bid for Potash Corp.

Says deal would not be ‘of net benefit’ to Canada


 

The federal government has announced it will not approve BHP Billiton’s hostile takeover bid for Saskatchewan-based Potash Corp. In a statement released Wednesday, federal Industry Minister Tony Clement said he was “not satisfied that the proposed transaction is likely to be of net benefit to Canada.” Ottawa’s decision leaves the Australian-owned company 30 days to modify its $40 billion takeover bid to satisfy the federal government’s concerns. Saskatchewan Premier Brad Wall had threatened to sue the federal government if it approved the deal, claiming it would cost his province billions of dollars.

CTV News


 
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Ottawa rejects bid for Potash Corp.

  1. Woohoo!

  2. Marius and his stupid #2 haircut are not welcome in Canada. Let Potash grow the company to the best interest of Canadians and shareholders

  3. That would have been a "National Energy Program" moment for the Harper government had they approved the deal. Residents of Saskatchewan would have been talking about the moment Potash was sold for generations, just like they're still talking about the NEP in Alberta today.

    http://viableopposition.blogspot.com/

    • "Residents of Saskatchewan would have been talking about the moment Potash was sold for generations."

      Didn't that already happen in 1989?

  4. It turns out Saskatchewan's birthright is a mess of potash.

  5. Good for the Feds. This will pay off in the long run for Canada and Saskatchewan economically and the Conservatives politically. Go Harper!

    • No, you forget. It wasn't Harper. It was the decision of the Minister. They both said so, yesterday.

  6. This deal would not be a net benefit to the Conservative Party

  7. Don't be cheering too loudly people. Clement's announcement was basically an invitation for the bid to be sweetened. Billiton has a month to do that themselves and anybody else can come sweeping in after that. If somebody comes along with something Wall and Harper think they can sell, it will go through.

  8. Whatever happened to shareholder rights? Conservatives? I don't think so.

    • John, The Americans are the biggest shareholders and yes they do have rights, Are you American ? The shareholders have the final say after all the hoops have been jumped through. Let us bring Potash HOME

  9. Intersting to hear Coyne's comment. Maclean's is the NE of Canada so you quickly understand his level of intelligence. PCS is a world monopoly that presently is controlled by many not one. BHP would eventually control the world's ability to produce food with the hostile takeover of PCS. Is that what is good for Canada or the world , the loss of 500 jobs in BC, more in NB or Sask. The FEds made the right move today.
    Good job

  10. Russia made a move today to block this takeover, China , India are doing the same. This is not a Western Canada deal this is bigger than those in the East want to acknowledge. Andrew Coyne is not a reporter with any credibility, he's got no researched insight into this hostile takeover. Typical of his journalism, dumb and dumber.

  11. Finally this Conservative government made a good decision.

  12. Wake up people. This was merely a political decision by the Harperites. They would have lost those 12 seats in SK in the next election, had they OK'ed the deal. What a bunch of self-seeking hypocrites. ABC!

  13. Potash Corp is foreign owned NOW basically US. The head office is in Chicago. The Yanks have got 1st to Wall then Clement. We all know there is no such thing as fair play in American business.
    At least BHP bid included to move the head office (and staff it) to Saskatoon.

  14. There seems to be a bit of an over-reaction by many pundits. Rejecting one deal does not 'close the doors to foreign investment.' If we want more foreign investment maybe we should let foreign telecom companies sell us cellphone service. There's a net benefit!

  15. I just bumped into Walter Gordon's ghost … had a sneer on his face.

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