BHP Billiton will be forced to put its hostile bid for Canada’s PotashCorp to a shareholder vote if the global mining group has to significantly increase its $39bn offer to win over PotashCorp’s investors.
A requirement to seek shareholder approval would increase the complexity of a deal, adding another condition to an offer that BHP is taking direct to PotashCorp shareholders.
Under UK listing rules, transactions that are large relative to the buyer’s own size, known as class 1 deals, must be voted on by shareholders – regardless of whether the payment is to be in cash or stock.
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