29 October 2010 21:09 [Source: ICIS news]
HOUSTON (ICIS)--Canadian fertilizer major PotashCorp has asked Saskatchewan provincial officials to uphold its shareholder rights plan while it seeks more time to find a white knight bid to counter BHP Billiton’s $39bn (€28bn) hostile takeover proposal, according to a filing made on Friday.
In a submission to the Saskatchewan Financial Services Commission (SFSC), PotashCorp said potential counter bidders to BHP needed more time to arrange funding for possible bids.
PotashCorp indicated that its advisors had talked with 15 potential suitors and identified several entities who could make realistic bids for the company, the world’s largest fertilizer maker.
PotashCorp’s request comes ahead of the 8 November hearing in the provincial capitol of Regina, where the regulatory body is to hear a complaint from BHP seeking to quash PotashCorp’s poison pill shareholder rights plan.
The hearing would not be necessary if Canada’s Industry Minister blocks BHP’s bid under the Investment Canada Act. That ruling is set to be delivered on 3 November in Ottawa.
($1 = €0.72)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|