By paNOW Staff

BHP Billiton scraps plan to acquire PotashCorp

Nov 14, 2010 | 8:04 PM

BHP Billiton has abandoned its plans to take over PotashCorp. 

In a news release issued Sunday afternoon, the world's largest mining company said that while it still believes the offer to buy PotashCorp would have resulted in a net benefit to Canada, it was clear that the condition of meeting Ottawa's net benefit test could not be achieved and as a result it was withdrawing its offer.  However, the company will continue to invest in Canada.

“We remain committed to Canada and we plan to develop a significant presence in the potash industry in Saskatchewan. As part of those plans we will continue to progress our Jansen Project and other development opportunities,” said BHP Billiton CEO Marius Kloppers.

Ottawa was swift to react to the news of BHP Billiton's offer withdrawl.

“I would like to take this opportunity to recognize BHP Billiton's good faith and integrity throughout this process,” said Federal Industry Minister Tony Clement in a news release issued Sunday afternoon.

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