Russian fertilizer company Phosagro plans to bid for Potash Corp, according to a media report, rivalling BHP Billiton’s $39 billion offer awaiting a crucial ruling from the Canadian government. Phosagro Chairman Vladimir Litvinenko has asked Russian Prime Minister Vladimir Putin to approve a potential deal and request financing from Russian banks, Russian business daily Vedomosti reported on Wednesday. Get the full story »
Filed under: Agriculture/Farming
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Nov. 2, 2010 at 4:23 p.m.
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Filed under: Agriculture/Farming, International, M&A, Updated Canada insists no decision yet on BHP’s Potash bid
Canada insisted on Tuesday it has made no decision yet on BHP’s $39 billion offer for Potash Corp., even as two newspapers said bureaucrats were advising the government to allow the bid and rumors swirled in the markets that Ottawa would block it. Get the full story »
USDA to again OK genetically altered sugar beets
The U.S. Department of Agriculture unveiled Tuesday controversial plans to again approve genetically modified sugar beets in time for planting next year, a move that would nullify a federal court ruling in August that invalidated the approval the USDA issued five years ago.
The USDA’s proposal, published Tuesday, represents the preliminary stage of the process and will be followed by a 30-day comment period before a final decision. The USDA laid out three options in the proposal, including an option not to re-approve the sugar beets, but said its preferred action would be to “authorize the commercial production” of genetically modified sugar beets under strict regulations.
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ADM profit misses Street view, shares fall
Archer Daniels Midland Co. the world’s largest corn processor and among the largest U.S. ethanol producers, reported weaker-than-expected quarterly earnings Tuesday, hampered by inventory charges, and its shares fell more than 7 percent.
For the first quarter ended Sept. 30, ADM reported a net profit of $345 million, or 54 cents per share, down from $496 million, or 77 cents per share, a year earlier. Get the full story »
ADM says late Brazil soy crop to boost US exports
Late soybean seeding in Brazil due to adverse planting weather will delay the harvest in the key soybean exporting country and bolster U.S. exports of the oilseed, the vice chairman of U.S. agricultural processor Archer Daniels Midland said on Tuesday. Get the full story »
Provinces mount pressure on Canada over Potash
Saskatchewan lined up more support for its attempt to overturn a hostile bid for provincial crown jewel Potash Corp. on Friday, increasing political pressure on the Canadian government to reject the deal.
Industry Minister Tony Clement must decide by midnight November 3 whether to approve the $39 billion bid from Anglo-Australian mining giant BHP Billiton. Get the full story »
Oct. 28, 2010 at 2:25 p.m.
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Filed under: Agriculture/Farming, Chicago executives, Personnel moves ADM realigns senior leadership, names new CFO
U.S. agricultural processor Archer Daniels Midland Co. announced on Thursday it would realign its senior leadership as part of its long term growth strategy.
Ray Young was named the company’s new chief financial officer, effective Dec. 1, joining ADM from General Motors, where he was vice president of international operation in Shanghai, China, the company said in a statement. Get the full story »
Charges trip 3Q results at Corn Products International
Corn Products International Inc.’s third-quarter profit dropped 30 percent on acquisition costs, but the company reported strong volume growth across all regions and said earnings are soaring at its new specialty starches business.
The Westchester-based grain processor also raised its current-year earnings forecast to $2.75 to $2.85 a share from $2.55 to $2.75 a share, citing its strong performance. Get the full story »
Bunge net profit falls 9%
Agricultural processor Bunge Ltd’s third-quarter net profit slipped on charges but it said it was on track to meet or exceed its full-year target amid rising revenue and improving oilseed processing margins. Get the full story »
Oct. 28, 2010 at 5:43 a.m.
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Filed under: Agriculture/Farming, Earnings, International, M&A Potash Corp. profit tops expectations
Potash Corp., the world’s top fertilizer maker, steamrolled quarterly earnings expectations on Thursday on the back of stronger potash demand and higher prices for its nitrogen- and phosphate-based nutrients.
The Canadian fertilizer maker is currently battling a $39 billion hostile bid from BHP Billiton. Potash Corp has flatly rejected BHP’s bid and launched a lawsuit against the Anglo-Australian miner in an attempt to stymie a takeover. Get the full story »
Potash files amended complaint in suit vs BHP
Potash Corp. on Tuesday filed an amended complaint in its lawsuit against unsolicited suitor BHP Billiton, offering fresh details from the court’s ongoing discovery process in the case. Get the full story »
Beef prices expected to stay up as supply shrinks
Americans love their beef, but with prices expected to remain high for the next few years and other options plentiful, their loyalities might be challenged.
Average retail prices of beef have climbed from $4.18 per pound in July 2009 to $4.44 per pound last July, a change largely due to a tight supply of cattle. Ranchers and feedlots have reduced supplies in response in large part due to rising prices of corn and soybeans fed to cattle, economists said. Get the full story »
Oct. 25, 2010 at 1:53 p.m.
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Filed under: Agriculture/Farming, Government, International, M&A Potash takeover opposition ‘no bargaining chip’
The Saskatchewan government’s opposition to BHP Billiton’s $39 billion takeover bid for Potash Corp., the crop nutrient producer based in the Canadian province, is not a negotiating stance aimed at squeezing concessions out of BHP, Premier Brad Wall said Monday.
Saskatchewan is recommending that the federal government reject the bid by BHP, the Anglo-Australian mining giant, on the grounds that it provides no net benefit to the country and will instead cost Saskatchewan revenue, jobs and strategic influence over a key commodity. Get the full story »
Oct. 21, 2010 at 2:30 p.m.
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Filed under: Agriculture/Farming, International, M&A, Policy, Politics, Updated Canada province formally rejects BHP’s Potash bid
The Canadian province that is home to Potash Corp. said on Thursday it was opposed to a $39 billion bid by BHP Billiton to buy the world’s largest fertilizer supplier.
Saskatchewan will urge the federal government to block the Anglo-Australian miner’s hostile bid for Potash Corp, which is based in the province. Get the full story »
Oct. 20, 2010 at 3:26 p.m.
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Filed under: Agriculture/Farming, International, Jobs/employment, M&A Harper: Potash an ‘American-controlled company’
Canadian Prime Minister Stephen Harper weighed in on miner BHP Billiton’s $39 billion bid to take over Saskatchewan-based Potash Corp. on Wednesday, calling it a proposal by an Australian-based company to take over an American-controlled company.
The Conservative government has until Nov. 3 to decide whether to approve the bid for Potash, the world’s biggest fertilizer producer. Ottawa is required to determine whether the bid would be a net benefit for Canada. Get the full story »
