We should hopefully find out today whether Canada will allow BHP Billiton Ltd's
(ASX:BHP) $US40 billion hostile bid for Potash Corp to proceed.
The Canadian government said it would announce its decision in Ottawa early this morning. But a spokesman for Prime Minister Stephen Harper said BHP Billiton will find out first and could put the word out early. According to media reports BHP has declined comment.
The Investment Canada Act requires the government to review big foreign takeover bids to assure they would bring a net benefit to the country.
Potash Corp, the world's largest fertiliser supplier, has so far rejected BHP’s offer as inadequate and repeatedly said it was in talks with other potential bidders.
BHP Billiton reported a $15.26 billion net profit after tax in the year to 30 June 2010.
