Potash Corp. of Saskatchewan Inc., the world’s largest fertilizer company, approved plans to buy back as much as $2 billion of stock after BHP Billiton Ltd. withdrew its hostile takeover offer.
Potash may purchase 14.57 million traded shares, or about 4.9 percent of its stock, at market prices, the Saskatoon, Saskatchewan-based company said today in a statement. Potash Corp., which has a year to complete the program, said it intends to buy back the shares by Dec. 31.
BHP, the world’s largest mining company, abandoned its $40 billion bid for Potash Corp. this week after Canadian government opposition, with Industry Minister Tony Clement saying the proposal didn’t provide a “net benefit’ to his country.
Potash Corp. closed $2.64, or 1.9 percent, lower to $134.63 in New York Stock Exchange composite trading today.
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