Canada blocked BHP Billiton’s $39 billion bid for Potash Corp, saying the deal would not benefit the nation, and offered only the slimmest of a chances of accepting a modified offer.
The rejection on Wednesday shocked BHP investors who are now betting on the global miner returning capital through a share buyback. It also puts pressure on BHP Chief Executive Marius Kloppers who failed to secure two previous big deals.
“I can confirm that I have sent a notice to BHP Billiton indicating that, at this time, I am not satisfied that the proposed transaction is likely to be of net benefit to Canada.”
i get the message it sends to foreign investors but Canada has enough pluses that this wont have much of a negative impact.
keep more shit Canadian…