Potash Corp asks regulator for more time

Fri Oct 29, 2010 3:34pm EDT
 
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WINNIPEG, Manitoba (Reuters) - Potash Corp is asking Saskatchewan's securities regulator to uphold its shareholder rights plan, saying there are several potential buyers for the company, but that almost all need "a significant amount of time" to secure financing.

The rights plan, or poison pill, is a key Potash Corp defense against BHP Billiton's hostile takeover attempt. BHP has applied to the regulator to suspend the plan.

The hearing on the rights plan, scheduled for November 8-9 in Regina, Saskatchewan, will not be necessary if the Canadian government quashes Anglo-Australian miner BHP's $39 billion takeover bid for Canadian fertilizer giant Potash Corp next week.

The government of the province of Saskatchewan wants Ottawa to reject BHP's bid on the grounds that it is not of net benefit to Canada.

(Reporting by Rod Nickel; editing by Peter Galloway)