Potash Corp. of Saskatchewan Inc. (PotashCorp) has issued the following statement in response to the announcement made by the Honourable Tony Clement, Minister of Industry:
PotashCorp notes the announcement made today by the Honourable Tony Clement, Minister of Industry, stating that BHP Billiton Limited’s (ASX: BHP; LSE: BLT; NYSE: BHP) (BHP Billiton) unsolicited offer for PotashCorp is not likely to be of net benefit to Canada within the meaning of the Investment Canada Act. The announcement further states that the Minister has advised BHP Billiton of its right to make additional representations under the Investment Canada Act within 30 days from today or such further period as agreed by the Minister and BHP Billiton.
The Minister of Industry’s announcement does nothing to change our view that the BHP Billiton $130 per share offer is wholly inadequate. The PotashCorp Board of Directors strongly believes that the offer fails to reflect both the value of PotashCorp’s premier position in a strategically vital industry and the company’s future growth prospects.
PotashCorp reminds its shareholders that the PotashCorp Board of Directors recommends that shareholders reject the BHP Billiton unsolicited offer and not tender their shares into the offer. The PotashCorp Board believes that the offer is not in the best interests of the company, its shareholders or other stakeholders.