Canada blocks BHP-Potash deal

OTTAWA, Nov 3 (BestGrowthStock) – The Canadian government on
Wednesday blocked BHP Billiton’s (BHP.AX: ) $39-billion bid for
Potash Corp (POT.TO: ), Industry Minister Tony Clement said.

Ottawa’s blocking of the deal is a rare rejection of a
foreign takeover under the country’s Investment Canada Act,
which requires there to be a net benefit of a takeover for the
country.

Potash Corp management had rejected the offer as too low.

The deal would have become the world’s biggest corporate
takeover this year if it had won approval from regulators and
shareholders.
(Reporting by Louise Egan; editing by Peter Galloway)

Canada blocks BHP-Potash deal