No decision yet on BHP bid for PotashCorp: Minister

TORONTO (BestGrowthStock) – Canada’s Industry Minister Tony Clement denied media reports that Canada has decided to approve BHP Billiton’s $39 billion hostile bid to acquire the world’s top fertilizer maker Potash Corp.

“No recommendation has been provided by Investment Canada officials,” said Clement in an e-mailed statement.

“I am currently reviewing the facts of the case. As of yet not decision has been made, and no decision or recommendation has been communicated to the investor,” he said, adding that media reports to the contrary were false and misleading.

Clement also said that he as the Industry Minister and not the Prime Minister would make the final decision in this matter.

Canada’s National Post newspaper said on Monday that Investment Canada officials had recommended Ottawa allow the world’s largest miner to proceed with its hostile offer, but only on condition that BHP spent billions of dollars on new infrastructure in Canada.

(Reporting by Euan Rocha; editing by Janet Guttsman)

No decision yet on BHP bid for PotashCorp: Minister