Monday, October 25, 2010

BHP (NYSE:BHP) Says No to Extending Canada Review

In a review of the bid by BHP (NYSE:BHP) for Potash Corp. (NYSE:POT), the Canadian government is poised to make a decision on whether or not it is in the best interests of Canada to allow the deal to go forward.

When asked if they would extend the period of time for the review to be done, BHP said they weren't interested in an extension via Andrew Mackenzie, BHP Billiton Ltd.’s head of non-ferrous businesses.

So on November 3 a review will be completed and shareholders will know whether or not the companies will be allowed to merge or not.

Some top executives at Potash and Saskatchewan officials have vigorously opposed the deal, but that won't determine whether or not it will get done. Opposition has been more political than based on the merits of the bid.

BHP offered close to $40 billion to take over the fertilizer giant.

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