A disappointed BHP Billiton says it will continue to work with the Canadian government after its bid for the world's biggest fertiliser maker was given an initial thumbs down, AAP reported.
Canada's Industry Minister Tony Clement on Wednesday rejected BHP Billiton's hostile takeover of the world's biggest fertilizer maker Potash Corp, saying it is not likely to be of "net benefit to Canada."
"I have come to the conclusion that BHP Billiton's bid does not present a likely net benefit to Canada," the minister said.
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Under the Investment Canada Act the industry minister must conclude that deals valued at 300 million dollars or more provide a "net benefit" to Canada in order to approve them.
In this case, Clement said: "Our natural resources are important economic drivers... We must be careful stewards of those assets."
He stressed that "Canada is and must continue to be a trading nation with a free market" and that foreign investment is welcome, but added: "the federal government understands the intrinsic value of the potash industry to the country and to the people of Canada."
