We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Petroneft Resources PLC | LSE:RTP | London | Ordinary Share | IE00B0Q82B24 | Ord EUR0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Mining titan BHP Billiton Ltd. (BHP) said Thursday it believes its takeover of Potash Corp. of Saskatchewan Inc (POT) would provide net benefits for Saskatchewan and said it remains focused on getting Canadian regulatory approvals.
BHP's unsolicited $39 billion bid to buy Potash Corp., Saskatchewan's largest company, has come under fire from Saskatchewan officials who are expected to tell the Canadian government--as early as this week--that BHP's proposed deal doesn't benefit the province.
Talks between BHP and the provincial government broke down after BHP failed to offer what the province considered adequate compensation for futures losses in tax revenue. Saskatchewan expects to lose three billion Canadian dollars ($2.9 billion) in tax revenue because BHP is entitled to a tax deferral under Canadian law due to the closure of the deal.
BHP said in a statement Wednesday that it will continue to work with Canada's Investment Review Division to secure federal approval for the deal.
The deal is expected to result in "net benefits" for Saskatchewan and "in this regard, we continue to focus on gaining Canadian regulatory approvals," Marius Kloppers, chief executive of BHP, said at the company's annual general meeting.
BHP has offered to transfer Potash's head office to Saskatchewan, anchor BHP's global potash headquarters in the province, and retain Potash Corp.'s existing workforce in Canada.
A Saskatchewan rejection wouldn't kill the BHP bid for Potash, the world's largest supplier of potash, an important fertilizer ingredient. The province provides a recommendation to federal Canadian investment regulators, who have final say over a transaction. The deadline for that decision is Nov. 3.
BHP already extended its $130-a-share tender offer to Potash Corp.'s shareholders until Nov. 18, due to delays in securing regulatory approvals. The company said it would only go ahead with the deal if it is able to purchase more than half of Potash Corp.'s shares.
Market observers say BHP will likely have to raise its bid to secure enough shares but Jac Nasser, BHP's chairman said at the company's annual general meeting that BHP would only close on a deal that creates value for shareholders.
"There's no ego here. There is no: 'Absolutely, we have to do the deal,'" he said. "You can rest assured that if it doesn't represent shareholder value, we will walk away."
-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328; alex.macdonald@dowjones.com
(Phred Dvorak, Alison Tudor, Dennis K. Berman and Edward Welsch contributed to this article.)
1 Year Petroneft Resources PLC Chart |
1 Month Petroneft Resources PLC Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions