January 27, 2011 / 1:17 AM / in 7 years

UPDATE 1-Potash Corp announces stock split; raises dividend

* Says board has approved a 3-for-1 stock split

* Stock split to help boost trading liquidity

TORONTO, Jan 26 (Reuters) - Potash Corp (POT.TO), the world’s largest fertilizer producer, said on Wednesday its board approved a three-for-one split of its outstanding common shares and approved an increase to its quarterly dividend.

Potash Corp, the target of a failed $39 billion takeover bid last year, will also raise its quarterly cash dividend from 10 cents to 21 cents a share on a pre-split basis.

“The doubling of our dividend reflects the confidence we have in the long-term drivers of our business,” said Chief Executive Bill Doyle in a statement.

The Saskatoon, Saskatchewan-based company said the increased number of shares resulting from the split would help to enhance the trading liquidity of its stock. (Reporting by Euan Rocha; Editing by Frank McGurty)

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