Source: Potash Corporation of Saskatchewan Inc.
Potash Corporation of Saskatchewan Inc. filed a complaint Sept. 22 in the U.S. District Court for the Northern District of Illinois against BHP Billiton Ltd. to block BHP's attempted takeover.
BHP Billiton had made a $40 billion tender offer for PotashCorp.
In the suite, PotashCorp claims that BHP's CEO Marius Kloppers met with PCS's CEO Bill Doyle to convey BHP's offer. According to the document filed, "Kloppers stated 'there is only a short window' to get a deal done. Kloppers also stated that BHP had been 'studying PCS since 2001 and more intensively since 2005'; that Doyle had created 'unbelievable shareholder value'; and that it was time for Doyle and PCS shareholders 'to reap the harvest.'