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PotashCorp Sues to Block BHP Billiton’s Takeover Bid

8:52 AM MDT | September 24, 2010 | Rebecca Coons

PotashCorp has filed suit to block BHP Billiton’s $38.6-billion hostile takeover bid, claiming the Australian mining firm’s offer is “built upon false and misleading statements and omissions.” The suit, filed last week in the U.S. District Court for the Northern District of Illinois, alleges BHP sought to drive down the price of PotashCorp stock by announcing plans to be a major PotashCorp competitor. In June, BHP said it expected its greenfield potash plant at Jansen, SKthe first new potash mine in the province in forty yearsto begin production in 2015...

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