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Potash Corp. of Saskatchewan Inc. said Monday that its board voted unanimously to reject BHP Billiton’s hostile $38.5 billion takeover offer as it doesn’t reflect the strong growth the company believes it is poised to enjoy.
The Canadian company said it’s in talks with several companies who have approached it or it has initiated contact with.
Potash Corp. of Saskatchewan Inc. said it has been approached by third parties the past week following BHP Billiton Ltd.’s unsolicited $38.6 billion takeover bid as it formally recommended its shareholders not tender shares in support of BHP’s offer.
The board of world’s largest fertilizer maker by capacity rejected BHP’s approach, made privately, which prompted BHP to take the offer directly to Potash’s shareholders. Get the full story »
BHP Billiton’s entry into the potash industry through a bid for market leader Potash Corp could shake up a cozy system of pricing and production if, as some expect, the newcomer shuns existing arrangements and runs plants at full capacity. Get the full story »
Potash Corp. searched for a white knight Friday as BHP Billiton formally launched it $39 billion hostile offer for the world’s largest fertilizer firm.
Potash is soliciting alternative bidders willing to pay more than the $130 a share offered by BHP, the world’s largest mining company, a source close to the matter said. Get the full story »
Canadian fertilizer producer Potash Corp. said Friday its board of directors will review the $38.5 billion hostile takeover bid from BHP Billiton Ltd., shortly after BHP formally launched its offer.
Potash Corp., the world’s largest fertilizer producer, advised shareholders not to take any action on the Australian mining giant’s bid until its review process is complete. Get the full story »
Potash Corp. moved Thursday to find a buyer willing to top BHP Billiton’s $39 billion hostile offer for the world’s largest fertilizer company as shareholders balked at a bid they consider too light to support.
If a deal goes through, it would mean an extraordinary payday for Potash Chief Executive Bill Doyle, who lives in Winnetka and runs the company out of offices in Northbrook. Get the full story »
BHP Billiton Ltd. took its $38.6 billion offer for Potash Corp. of Saskatchewan Inc. direct to its shareholders, a day after Potash’s board rejected the bid by mining company.
Shares of Potash, the world’s largest fertilizer producer, continued to trade Wednesday well above BHP’s $130-a-share offer. The stock closed at $147.93, up 3.3 percent, on the New York Stock Exchange. Shares soared 27.7 percent Tuesday to close at $143.17, after news of BHP’s offer broke. Get the full story »
Deere & Co reported stronger-than-expected quarterly results but warned of growing weakness in Western Europe and offered a disappointing forecast that sent its shares lower on Wall Street.
The company, the world’s largest maker of agricultural equipment, cut its outlook for Europe, saying an abundance of used equipment in the region and lingering concerns about its economic prospects were hurting sales. Get the full story »
The nation’s cranberry crop is on track this year to become the second largest on record, the U.S. Department of Agriculture said Tuesday.
The USDA’s annual cranberry forecast calls for 7.35 million 100-pound barrels, up 6 percent from about 6.9 million barrels a year ago. The crop hit a record 7.87 million barrels in 2008. Get the full story »
Shares in Potash Corp. were up about 27 percent in afternoon trading on the New York Stock Exchange after the company said its board had received and rejected an unsolicited takeover bid from BHP Billiton Ltd. The bid is worth about $38.49 billion. Potash said it undervalues the fertilizer producer.
BHP Billiton, an Australian natural resources company, is offering to buy Potash for $130 per share, a 16 percent premium over Monday’s closing price. Potash, which has its U.S. headquarters in Northbrook, said its board has adopted a shareholder rights plan, also known as a poison pill, to give the company time to better develop alternatives to enhance shareholder value. Get the full story »
A unit of Bayer AG is phasing out production of a pesticide used on numerous U.S. crops such as cotton, peanuts and potatoes now that the U.S. Environmental Protection Agency has found that the 40-year-old product doesn’t meet food safety rules.
In a release Tuesday, the EPA said new toxicity data show that the pesticide aldicarb – marketed under the trade name Temik — no longer meets the agency’s safety standards. Get the full story »
Wheat prices surged Thursday after the U.S. government lowered its expectations for global wheat production as a devastating drought continues to erode Russia’s crop and that nation’s export ban remains in effect.
The Agriculture Department’s revised global forecast calls for 2010-2011 production of 645.7 million metric tons of wheat, which is 2.3 percent less than it had estimated in July. Get the full story »
A Seneca biodiesel facility mothballed in March after its owner filed for bankruptcy, reopened Thursday under new ownership.
The 60-million-gallon-a-year plant produced for less than a year under Nova Biosource, and all but six of of approximately 40 workers were laid off. Renewable Energy Group acquired the facility in April. Get the full story »
A severe drought in Russia could result in higher prices for bread in U.S. stores, as a spike in wheat costs may lead manufacturers to ease up on the discounts retailers pushed for during the recession.
But consumers and retailers may push back. Shoppers could opt for cheaper options as unemployment remains high, while retailers — who try to drive traffic with discounts — could point out that the spike in wheat is no where near the level of two years ago, when manufacturers raised prices on many goods. Get the full story »
From Bloomberg | Archer Daniels Midland Co., Potash Corp. of Saskatchewan Inc. and Eagle Bulk Shipping Inc. stand to benefit after Russia, the fifth-largest wheat grower, banned exports of the grain because of its worst drought in 50 years.
