Woodside put in play as Shell sells big stake November 8, 2010 Royal Dutch Shell yesterday said it planned to sell almost a third of its 34 per cent stake in Woodside Petroleum for $3.3bn (£2bn), prompting predictions Australia’s largest oil and gas firm could become a bid target. The Anglo-Dutch oil major said it would retain a 24.27 per cent stake in Woodside for at least [...]
ArcelorMittal bids for Canadian miner November 8, 2010 ArcelorMittal, the world’s largest steelmaker, offered C$433m (£267m) for Canadian miner Baffinland Iron Mines yesterday, in a further move to raise self-sufficiency. Baffinland said its board had approved the offer, which values the company at C$1.10 a share, a premium of 16 per cent over the stock’s closing share price on Friday. Baffinland has been [...]
Canada considers a tougher takeover law November 7, 2010 CANADA is considering toughening up its foreign investment rules in the wake of its rejection BHP Billiton’s bid for Saskatchewan company Potash Corp last week. Industry minister Tony Clement, who said last week that BHP Billiton’s $39bn (£24.7bn) hostile bid for Potash did not deliver a net benefit to the country, said in an interview [...]
Russia in talks for Potash bid November 5, 2010 A RUSSIAN group said yesterday it was in intensive talks ahead of launching a rival bid for Potash Corp, as BHP Billiton said its blocked $39bn (£24.7bn) bid for fertiliser group Potash Corp was not dead and pledged to work with the Canadian government. Phosagro claimed it was in intensive talks with the Russian government [...]
FTSE rockets to pre-crisis level as investors bet on US recovery November 4, 2010 BRITAIN’S top shares closed at their highest in nearly 29 months yesterday as investors responded bullishly to the US Federal Reserve’s decision to pump more cheap money into the economy to boost flagging growth. Financial stocks, led by Man Group and mining and energy shares such as BHP Billiton and BP, surged higher as riskier [...]
BHP’s bid for Potash is quashed November 3, 2010 CANADA has dealt a near-fatal blow to mining giant BHP Billiton’s $39bn (£24.7bn) plan to buy Potash Corp, after its industry minister blocked the bid and declared that the takeover would not sufficiently benefit the country. It is only the second time Canada has halted a foreign takeover since the power was introduced 25 years ago, [...]
BHP Billiton foiled again November 3, 2010 Canada’s rejection of BHP Billiton’s $39bn (£24.7bn) hostile bid for Potash Corp leaves the Anglo-American mining giant adrift. Chief executive Marius Kloppers has been extolling the importance of the takeover for months, but with just 30 days to deal with the government’s serious objections, it seems the blockbuster bid has all but run out of [...]
All eyes turn to Canada ahead of Potash decision November 2, 2010 CANADA’S industry minister said yesterday he had still not made a decision on whether to allow BHP Billiton’s $39bn (£24.7bn) takeover of Potash Corp to continue. Tony Clement has until the end of today (4am Thursday, UK time) to give the green light to BHP Billiton under the Investment Canada Act, which requires foreign takeovers [...]
FTSE lifted more than one per cent on the back of strong corporate earnings November 2, 2010 STRONG corporate earnings hoisted Britain’s top shares by more than one per cent on yesterday, led by energy stocks after BP and BG Group results and ahead of the outcome of the eagerly awaited US Federal Reserve policy meeting. At the two-day meet in Washington which started yesterday, the Fed will consider the prospect of [...]
BHP must up its Potash bid, says investor November 1, 2010 BHP BILLITON came under further pressure to increase its $39bn (£24.7bn) bid for Potash Corp yesterday, as a hedge fund and several analysts spoke out on the likelihood of the deal’s success. Sources familiar with the firm said BHP Billiton was unlikely to raise its $130 a share offer until it had cleared regulatory hurdles [...]