CEO of Canadian fertiliser company Potash Corp has reportedly said BHP Billiton Ltd’s
(ASX:BHP) US$40 billion hostile takeover bid is a ‘non-starter’.
There have been reports circulating that China’s Sincohem will enter the bidding race but as yet no offer has been made to rival BHP’s.
According to a Reuters report CEO Bill Doyle told Canada’s Globe and Mail newspaper that Potash is far more valuable than BHP’s offer and said the company is in talks with other interested parties.
Potash Corp rejected BHP’s advances back in August when the deal first emerged saying the $130 a share offer is inadequate.
The Canadian company has filed for a protective order in a US Court in an attempt to thwart BHP’s takeover move.
Meanwhile BHP has welcomed a review by the Conference Board of Canada, which found the miner’s proposal to be in the best interests of shareholders.
BHP Billiton earned $15.26 billion in the 2010 financial year.
