Canadian Industry Minister Tony Clement plans to announce his decision on whether the government approves BHP Billiton Ltd.’s $40 billion bid for Potash Corp. of Saskatchewan Inc. tomorrow after markets close in New York, said an official familiar with the announcement.
Under the Investment Canada Act, the deadline for a decision is tomorrow unless Melbourne-based BHP agrees to an extension. The transaction is opposed by Saskatchewan Premier Brad Wall and federal opposition parties, who have said the hostile takeover is bad for Saskatchewan, which accounts for about 30 percent of global potash production.
The government official asked not to be identified because they were not authorized to speak publicly on the issue.
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