Shares of Potash Corp. of Saskatchewan soared 26%

Shares of Potash Corp. of Saskatchewan soared 26% after the company rejected an unsolicited takeover bid from BHP Billiton Ltd.

The board of Potash Corp, the world’s largest producer of fertilizer, turned down a .6 billion offer from BHP Billiton. BHP, the world’s largest mining company, offered 0 a share for Potash, representing a 16% premium over Monday’s closing price. Toronto-listed shares of Potash surged 26%.

The development may lead to positive sentiments for Indian Fertiliser makers as well, especially Phosphatic & Complex fertiliser makers such as Coromandel Int’l, Zuari Ind, GSFC quotes Sunidhi Securities.

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Tagged as: BHP, BHP Billiton, BHP Billiton Ltd., Indian Fertiliser makers, Potash Corp., the world's largest mining company, world's largest producer of fertilizer