Global miner BHP Billiton Ltd
(ASX:BHP) has reportedly been given the thumbs down for its proposed takeover of Canadian fertiliser giant Potash Corp.
A Fairfax report says Saskatchewan’s premier has rejected the proposal, saying the province will not support such a merger as it is not in the strategic interest of Saskatchewan or Canada.
BHP launched a US$40 billion hostile takeover bid for Potash in August, which the fertiliser company flatly rejected.
Just yesterday the iron ore giant said it was keen to address any issues the province of Saskatchewan had in the deal to try and get it over the line.
Saskatchewan Premier Brad Wall says Canadian mining companies are at risk of being overshadowed should a deal like this go through.
According to reports the Federal Government of Canada has asked for Saskatchewan’s view on the proposal and has the ability to block such a takeover if it deems it to be not in the best interests of the country.
BHP earned $15.26 billion for the 12 months to June 30, 2010.
