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CANADIAN GOVERNMENT REJECTS BHP BILLITON'S ACQUISITION OF POTASHCORP
Nov. 4, 2010
Source: Canadian Minister of Industry news release
The Honourable Tony Clement, Minister of Industry, made the following statement regarding an application submitted by BHP Billiton Development 2 (Canada) Limited (BHP Billiton) on a proposed acquisition of Potash Corporation of Saskatchewan Inc. (PotashCorp):
"I can confirm that I have sent a notice to BHP Billiton indicating that, at this time, I am not satisfied that the proposed transaction is likely to be of net benefit to Canada.
"I came to this decision after a careful and rigorous review of the proposed transaction. BHP Billiton has 30 days to make any additional representations and submit any undertakings.
"At the end of that period, I will make a final decision.
"The confidentiality provisions of the Investment Canada Act prohibit me from discussing specifics of an ongoing case.
"I can assure Canadians, however, that I will provide an explanation of the reasons behind my final decision at the time that decision is made, in accordance with the provisions of the Act.
"Canada has a long-standing reputation for welcoming foreign investment. The Government of Canada remains committed to maintaining an open climate for investment."
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