Potash Corporation of Saskatchewan Inc.
Altium provided strategic advice to Potash Corporation
- On 18 August 2010, BHP announced a hostile offer for Potash. In connection with its defence, Potash filed a lawsuit in the United States alleging inter alia that BHP had breached the US Exchange Act
- As a company listed on the London Stock Exchange, BHP’s offer was subject to the Listing Rules of the UKLA. Altium was retained by Potash to advise on certain technical aspects of the offer relating particularly to BHP’s obligations to obtain shareholder approval for the proposed acquisition
- Altium’s advice was incorporated in an expert witness statement which was submitted to the US Courts on 14 October 2010 in support of Potash’s lawsuit. The content of this statement was not challenged by BHP’s legal advisers
- On 15 November 2010, following the ruling by Canada’s Minister of Industry that BHP’s offer for Potash failed the “net benefit” test under the Investment Canada Act, BHP Billiton announced that it had withdrawn its offer
For further information on this transaction please contact David Bezem, Tim Richardson or Cameron Duncan
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