PotashCorp of Saskatchewan has sought to buttress its defences against BHP Billiton’s $39bn hostile takeover bid by telling investors it was in a powerful position to take advantage of rising fertiliser prices over the next few years.
Wayne Brownlee, PotashCorp’s chief financial officer, declined to comment directly on the BHP bid in remarks to a Credit Suisse investment conference in New York on Wednesday.
But he painted a picture consistent with PotashCorp’s argument that the BHP bid is grossly inadequate, saying that “we believe market fundamentals are in place for a very tight market”.
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