BHP Billiton pursuit of Potash over

first_img KCS-content BHP Billiton pursuit of Potash over whatsapp GLOBAL mining giant BHP Billiton last night killed off its protracted $39bn (£24bn) pursuit of Potash, the world’s biggest deal this year, and said it would return $4.2bn (£2.6bn) to investors through a share buyback.The move comes after Canada blocked BHP’s bid for the world’s largest fertiliser maker on 3 November and gave BHP a month to demonstrate the takeover would benefit Canada.BHP gave up the fight in its third straight failure to seal a major acquisition under chief executive Marius Kloppers, and bowed to calls from some shareholders for a return of capital, signalling it has limited opportunities for other big takeovers.Kloppers has long said the company would prefer to spend its cash pile on development projects and acquisitions rather than giving it back to shareholders.In a statement released late last night, Kloppers said: “Unfortunately, despite having received all required anti-trust clearances for the offer, we have not been able to obtain clearance under the Investment Canada Act and have accordingly decided to withdraw the offer.”BHP said Ottawa was asking for too many concessions beyond the more than $1bn worth of undertakings the company had already offered as benefits to Canada.BHP said it would book $350m (£217m) in costs for the Potash deal. Sunday 14 November 2010 11:32 pm Sharecenter_img whatsapp Show Comments ▼ Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndoReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterUndoGloriousaCouple Wins Lottery, 5 Years Later, Their House Had To Be DemolishedGloriousaUndo Tags: NULL Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wraplast_img

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