BEST OF THE BROKERS September 26, 2010 BHP BILLITON Evolution Securities says the balance of probabilities moving forward on BHP Billiton’s bid for Canadian owned Potash Corporation is in the mining company’s favour. The broker reiterates a “buy” for BHP because the company is not stinting on other growth investments by virtue of its strong balance sheet. GROUPE EUROTUNNEL Nomura’s confidence in [...]
BHP clears first hurdle in Potash takeover bid September 24, 2010 BHP Billiton cleared the first regulatory hurdle in its bid for Canada’s Potash but the miner still has a long way to go to pass the deal with Canadian authorities and the target’s shareholders. BHP, the world’s largest mining company, said it received antitrust clearance from the US Federal Trade Commission to proceed with its [...]
Energy deals buoy best quarter for M&A in two years September 23, 2010 THE?VALUE?of global mergers and acquisitions (M&A) has hit $1,678bn (£1.068bn) so far this year, up 21 per cent from the same time last year, Thomson Reuters said in its review for the third quarter of 2010. Third quarter activity is up 6.8 per cent from the previous quarter at $599bn, marking the strongest quarterly growth [...]
Banks drag FTSE down as concerns over US recovery harms sentiment September 22, 2010 BRITAIN’S top shares fell yesterday, led by banks as worries over the economic recovery in the US and lack of action taken by the Federal Reserve hit sentiment, offsetting gains in miners. The FTSE 100 ended down 24.28 points or 0.4 per cent at 5,551.91, after falling 0.5 per cent on Tuesday. The US central [...]
PotashCorp sues BHP over hostile offer September 22, 2010 CANADIAN fertiliser firm PotashCorp yesterday buttressed its defences against BHP Billiton’s hostile $39bn (£24.9bn) bid, filing a lawsuit against the miner in an Illinois federal court. The suit came as BHP’s chief executive Marius Kloppers faced the scrutiny of investors over his $11.3m paycheque for the past financial year – a 9 per cent increase [...]
Sinochem hires banks as it eyes rival bid for Potash September 22, 2010 China’s Sinochem Corp has hired investment banks to look at toppling BHP Billiton’s $39bn (£24bn) bid for Potash Corp, sources said, as the miner warned it would not be caught in an expensive bidding war for the world’s largest fertiliser group. State-owned chemicals group Sinochem has hired Deutsche Bank and Citigroup to evaluate measures to [...]
Canada forces BHP to extend Potash offer September 21, 2010 MINER BHP Billiton was yesterday forced to extend the deadline for its offer for Canada’s PotashCorp by a month to comply with regulatory requests for extra information. PotashCorp investors now have until 18 November to accept, though analysts at Citigroup warned shareholders may prove unwilling to sell up unless BHP raises its $130-per-share offer – [...]
BHP Billiton’s Potash bid stalled by Canadian authorities September 21, 2010 HP Billiton’s $39bn (£25bn) battle to take control of Canada’s Potash Corp is expected to drag on into next year after it failed to win immediate backing from Canadian authorities. The Anglo-Australian miner, which wants to use the world’s largest fertiliser-maker as its entry into the global food industry, also said it had no plan [...]
BHP Billiton’s Potash bid stalled by Canadian authorities September 21, 2010 HP Billiton’s $39bn (£25bn) battle to take control of Canada’s Potash Corp is expected to drag on into next year after it failed to win immediate backing from Canadian authorities. The Anglo-Australian miner, which wants to use the world’s largest fertiliser-maker as its entry into the global food industry, also said it had no plan [...]
BHP will stick to $39bn bid for Potash September 20, 2010 BHP Billiton chief executive Marius Kloppers said yesterday the company has no intention of changing its $39bn (£25bn) takeover offer for Potash, the world’s biggest fertiliser producer. During a visit to the home base of its takeover target intended to build political support in Canada, Kloppers brushed aside rumours that China, through its state-owned companies, [...]