Global miner BHP Billiton Ltd
(ASX:BHP) has navigated past its first turn in the road in its bid for Canada’s Potash Corp after receiving antitrust clearance from regulators in the US to progress with its $39 billion hostile takeover bid.
BHP has come under intense scrutiny over its attempts to gain control of the fertiliser giant, with news yesterday that Potash Corp has filed a civil suit in the US suing the miner for being misleading.
Potash Corp has rejected BHP’s advances saying the miner’s offer is grossly inadequate.
BHP will need to gain other regulatory approvals now and is likely to have a tough time convincing regulators in Canada who have already requested further information from the miner.
BHP has extended the deadline of its offer by one month to November 18. BHP earned $15.26 billion for the 12 months to June 30, 2010.
