Potash is the name given to types of salts mined and manufactured for fertiliser Mining giant BHP Billiton has abandoned its takeover bid for fertiliser group Potash Corporation after it was blocked by the Canadian government.
BHP said it had been unable to convince the government of the deal’s merits despite “unparalleled” pledges on jobs and investment.
Canada rejected the offer on 3 November, saying it was not convinced that it was in Canadian interests.
The Anglo-Australian mining giant had been given 30 days to appeal.
Saskatchewan-based Potash said BHP had “substantially undervalued” the group’s potential.
BHP made a $38.6bn (£23.7bn) bid for the company in August.
“Unfortunately, despite having received all required anti-trust clearances for the offer, we have not been able to obtain clearance under the Investment Canada Act and have accordingly decided to withdraw the offer,” BHP chief executive Marius Kloppers said.
In a statement, Potash said the bid “failed to reflect both the value of our premier position in a strategically vital industry and our future growth prospects”.
BHP Billiton is the world’s largest mining company, while Potash Corporation controls more than 25% of the world’s supply of potash fertiliser.
This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.