Bloomberg News

Potash CEO Doyle Says He’s Not Opposed to Foreign Ownership

February 14, 2012

(Updates with closing share price in last paragraph.)

Feb. 14 (Bloomberg) -- Potash Corp. of Saskatchewan Inc., the Canadian fertilizer producer targeted by BHP Billiton Ltd. in a failed $40 billion takeover in 2010, said it isn’t opposed to foreign ownership.

Potash Chief Executive Officer Bill Doyle’s efforts to fend off Melbourne-based BHP’s hostile bid reflected his “duty” to get full value, he said today at a lunch organized by the Canadian Club of Ottawa.

Canada rejected the bid in November 2010, saying it didn’t provide a “net benefit” to the country. At the time, the ruling was only the nation’s second rejection of a foreign takeover in a quarter of a century.

Potash Corp., which is based in Saskatoon, Saskatchewan, produces potash-, nitrogen- and phosphate-based fertilizers. It expects a “very robust” final nine months of the year, Doyle said today in Ottawa.

Potash Corp. is among producers of its namesake crop nutrient that have reduced production in the first quarter in response to weaker-than-expected demand.

Potash Corp. fell 0.5 percent to C$44.45 in Toronto.

--Editors: Simon Casey, Steven Frank

To contact the reporters on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net; Christopher Donville in Vancouver at cjdonville@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net


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