Ottawa rejects bid for Potash Corp. - Macleans.ca

Ottawa rejects bid for Potash Corp.

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

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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.

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