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Mining Firm Launches Hostile Takeover Bid for PotashCorp

8:20 AM MDT | August 20, 2010 | ian young

BHP Billiton (Melbourne), the world’s biggest mining company, has launched a $38.6-billion hostile bid to acquire Potash Corp. of Saskatchewan (PotashCorp), the world’s biggest producer of fertilizers. Announcement of the bid, estimated to be the highest in any sector this year, followed PotashCorp’s rejection of an initial approach from BHP. Analysts expect BHP eventually to raise its offer price for PotashCorp, even though they consider a rival bid unlikely. BHP’s $130/share cash offer for PotashCorp is a 20% premium over PotashCorp’s closing price on...

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