Premier says BHP can't overcome takeover concerns

AP News
Posted: Oct 22, 2010 3:02 PM
Premier says BHP can't overcome takeover concerns

Saskatchewan's premier says BHP Billiton "can't overcome" his concerns about a foreign takeover of Potash Corp. and he asserts Canada's prime minister made a mistake when he called the company American controlled.

Saskatchewan Premier Brad Wall made the remarks to The Associated Press on Friday after publicly rejecting the bid on Thursday.

Andrew Mackenzie, Anglo-Australian BHP Billiton's chief executive, non-ferrous, said Thursday he remains confident he can win over the province, but Wall says it just isn't in the strategic interest of Canada to allow the takeover of a company that controls more than 25 percent of the world's reserves of potash.

Canada's federal government can block a foreign takeover if it's not a "net benefit" to Canada. Prime Minister Stephen Harper's government had asked for Wall's input.