Canada’s prime minister says concerns surrounding a possible foreign takeover of Canada’s Potash of Saskatchewan will be examined and says foreign takeovers are not automatically approved.
Australia’s BHP Billiton Ltd. launched a hostile $130-per-share takeover bid last month after Potash directors rejected its offer. Chinese state-owned companies are also interested in making a rival bid.
Prime Minister Stephen Harper said Monday he’s spoken to Saskatchewan Premier Brad Wall, who is wary of both a Chinese and BHP takeover of Potash.
The federal government can block a foreign takeover if it’s not a ”net benefit” to Canada.
Potash Corp. is the world’s largest fertilizer company and one of the province’s largest revenue-generating companies.
