BHP extends Potash deadline for Canadian regulators

21st September 2010, Comments 0 comments

Anglo-Australian mining giant BHP Billiton Tuesday extended its 40 billion US dollar hostile bid for Canada's Potash Corp for a month after the country's regulators requested more information.

BHP, the world's biggest miner, said it intended to "comply expeditiously" with the Canadian Competition Bureau's request and had pushed back the October 19 deadline.

"The time for acceptance of the offer has therefore been extended to 18 November 2010 to allow time for the completion of the regulatory review of the transaction," BHP said in a statement to the market.

"BHP Billiton is confident that the offer will receive all requisite regulatory approvals in due course," it added.

Potash, the world's largest fertiliser maker, rejected last month's hostile bid as "wholly inadequate" and said it was exploring other options.

China -- a big importer of potash, which is used to make fertiliser -- has been uneasy about the BHP bid as it already buys large quantities of the company's iron ore, and is reportedly considering a rival offer.

© 2010 AFP

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