Canada says no decision on Potash
Source: Agencies |
November 3, 2010, Wednesday
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Print Edition
Print Edition
CANADA insisted yesterday it had made no decision yet on what to do about BHP Billiton's US$39 billion offer to buy Potash Corp, even as two newspapers reported that bureaucrats were advising that the bid should go ahead.
Industry Minister Tony Clement in an e-mailed statement said he would make the decision on whether to block the hostile bid for the world's largest fertilizer company - not the prime minister, as the National Post reported on Monday.
He also denied that officials of Investment Canada, part of his ministry, had already recommended that the government let the Anglo-Australian miner's bid proceed, with conditions, against the opposition of Saskatchewan, Potash Corp's home province.
A decision is due by the end of today. By law, Ottawa must decide if the takeover has a net benefit to Canada.
"No recommendation has been provided by Investment Canada officials," Clement wrote.
"I am currently reviewing the facts of the case. As of yet no decision has been made, and no decision or recommendation has been communicated to the investor," he said, referring to BHP Billiton.
Clement's statement came in response to reports in Canada's National Post and Globe and Mail newspapers that Investment Canada officials had recommended that Ottawa allow the world's largest miner to proceed with its US$130-a-share bid.
The National Post, citing insiders in the ruling Conservative Party, said Prime Minister Stephen Harper would have the final say.
Industry Minister Tony Clement in an e-mailed statement said he would make the decision on whether to block the hostile bid for the world's largest fertilizer company - not the prime minister, as the National Post reported on Monday.
He also denied that officials of Investment Canada, part of his ministry, had already recommended that the government let the Anglo-Australian miner's bid proceed, with conditions, against the opposition of Saskatchewan, Potash Corp's home province.
A decision is due by the end of today. By law, Ottawa must decide if the takeover has a net benefit to Canada.
"No recommendation has been provided by Investment Canada officials," Clement wrote.
"I am currently reviewing the facts of the case. As of yet no decision has been made, and no decision or recommendation has been communicated to the investor," he said, referring to BHP Billiton.
Clement's statement came in response to reports in Canada's National Post and Globe and Mail newspapers that Investment Canada officials had recommended that Ottawa allow the world's largest miner to proceed with its US$130-a-share bid.
The National Post, citing insiders in the ruling Conservative Party, said Prime Minister Stephen Harper would have the final say.
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