04 November 2010 05:36 [Source: ICIS news]
SINGAPORE (ICIS)--Canada's PotashCorp reiterated on Thursday that BHP Billiton’s hostile $39bn (€28bn) takeover bid of the company was "wholly inadequate", standing by its position that the offer is not in the best interest of its shareholders.
The offer failed to reflect the value of the “premier position in a strategically vital industry and the company’s future growth prospects”, it said in a statement.
The company issued the statement after the Canadian government invoked the Investment Canada Act to block the unsolicited proposal of BHP Billiton on PotashCorp on Wednesday.
This marked only the second time in the 25-year history of the law that an investment bid was blocked.
($1 = €0.71)
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