Source: The Canadian Press
Saskatchewan’s securities commission says it will hear a challenge by BHP Billiton against defensive measures taken by fertilizer giant Potash Corp. (TSX:POT) to fend off a hostile takeover.
The Saskatchewan Financial Services Commission says anybody who wants to seek standing at the Nov. 8 hearing in Regina should file its application by Friday.
Saskatchewan-based Potash Corp. enacted so-called “poison pill” measures in August after Anglo-Australian miner BHP made a US$38.6-billion hostile bid for the world’s largest potash producer. The poison pill puts strict limits on who can buy Potash Corp. stock.
The proposed takeover would be the biggest-ever foreign takeover of a Canadian company.
The bid has sparked an intense political debate, with the Saskatchewan government arguing it wouldn’t provide a net benefit to the province in country.
BHP Billiton has said it’s continuing to work with the province and federal government, while simultaneously seeking to have the poison pill defence eliminated by authorities in Canada and the United States.