PotashCorp, the fertiliser producer that is the target of a $39bn hostile takeover by BHP Billiton, yesterday revealed it was talking to “a large universe” of potential counter- bidders as it seeks to derail the mining group’s cash offer.
However, the Canadian company was coy about naming any of the suitors that might rival the $130-a-share cash offer from BHP, the world’s biggest mining company.
Bill Doyle, chief executive of PotashCorp, rejected the idea that BHP might be the only company in a relatively anaemic economy with the fire power to buy PotashCorp. “You really would be surprised” how many entities could match a $40bn cash bid, he said.