Potash Corp. of Saskatchewan Inc. sued BHP Billiton Ltd. , the world’s largest mining company, in Chicago federal court to prevent it from acquiring the fertilizer maker with a $40 billion hostile offer.
Potash Corp. of Saskatchewan Inc. , the world’s largest fertilizer company, dropped the most in four months in New York on speculation the Canadian government will block BHP Billiton Ltd. ’s $40 billion hostile takeover offer.
Rio Tinto Group and BHP Billiton Ltd. have been contacted by institutional investors demanding the companies abandon plans for future acquisitions and instead return cash through share buybacks, the Sunday Telegraph said.
BHP Billiton Ltd., the world’s biggest mining company, is continuing preparatory work at its Jansen potash project after delaying a final decision on whether to proceed with the multibillion-dollar Canadian mine.
BHP Billiton Ltd. , pursuing a $40 billion hostile bid for Potash Corp. of Saskatchewan Inc. , will likely submit a filing to a U.S. court today asking it to dismiss a complaint by the world’s largest fertilizer maker.