BHP BILLITON began its hostile takeover campaign for PotashCorp this morning, offering to acquire all of the issued and outstanding common shares of the potash giant for $130/share in cash. The offer is open for acceptance until 11:59 pm (US eastern time) October 19, or such later date or dates as may be fixed by BHP unless the offer is withdrawn. BHP Billiton Ltd. and BHP Billiton Plc will file with the Canadian securities regulatory authorities the offer materials and will file with the US Securities and Exchange Commission a tender offers statement. PotashCorp CEO Bill Doyle (right) strongly opposes the offer.
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