Canada Is in Process of Explaining Decision on Potash to BHP

Bloomberg reports that Canadian Industry Minister Tony Clement said the government is explaining to BHP Billiton (NYSE:BHP) Ltd. decision to reject $40 billion bid.

The market news is quoted as saying:

Clement rejected the offer from Melbourne-based BHP, the world’s largest mining company, on Nov. 3, saying the proposal doesn’t provide a “net benefit” to Canada. Under Canadian law, BHP has 30 days from the date of the ruling to appeal. Clement’s decision was only the nation’s second rejection of a foreign takeover in the past 25 years.

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