BHP Billiton sets sights on Potash Corp.

Potash Corporation of Saskatchewan has rejected a $38.6-billion US hostile takeover bid by Australian mining giant BHP Billiton Ltd.BHP is the largest mining company in the world and is already developing a potash mine near Jansen, Sask. It also purchased several smaller companies recently, including Athabasca Potash, with plans for Saskatchewan potash mines.PCS is the world’s largest fertilizer producer. Chief executive officer Bill Boyle called the bid opportunistic and suggested BHP was trying to “steal” the company.PCS shares were trading up nearly 25 percent on both the Toronto and New York exchanges after the news broke Aug. 17.

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