Potash formally rejects BHP bid, says exploring other offers

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Canada's Potash Corp, the world's largest fertiliser maker, formally rejected on Monday a hostile takeover from mining giant BHP Billiton worth 40 billion US dollars, adding it was exploring other offers.

Potash said in a statement that the bid made by the Anglo-Australian miner direct to its shareholders last week was "wholly inadequate" and stressed that "superior offers or other alternatives are expected to emerge".

The statement added: "Potash Corp has been approached by, and has initiated contact with, a number of third parties who have expressed an interest in considering alternative transactions.

"Discussions are being pursued with several of these third parties in order to generate value enhancing alternatives."

© 2010 AFP

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