Until BHP Billiton came around, the price of potash and PotashCorp were moving pretty much in unison. The mineral’s price increased fourfold in 2008, peaking at more than $800 a tonne. The PotashCorp share price also quadrupled to a high of $241. Both then declined, the mineral to about $400 a tonne and the shares to a pre-bid $110. The parallel price falls would have been even steeper if the potash industry had not cut production by 40 per cent.
在必和必拓(BHP Billiton)对加拿大钾肥(PotashCorp)发起收购前,后者的股价与钾肥价格的走势几乎是步调一致的。2008年,钾肥价格上涨了3倍,达到每吨逾800美元的历史最高水平。同期,加拿大钾肥的股价也上涨了3倍,至每股241美元的高点。之后,二者价格双双下跌,钾肥价格降至每吨约400美元,而加拿大钾肥股价则降至提出收购前的110美元。若不是钾肥行业减产40%,二者的降幅还可能更大。