BHP In No Hurry To Boost Potash Bid Ahead Of Government Ruling

BHP Billiton BHP, the world's largest mining company, isn't in a hurry to raise its $38.6 billion hostile bid for Potash Corp. of Saskatchewan POT ahead of the Canadian government's Wednesday ruling on the bid. Press reports said on Sunday that BHP was considering a 10% increase to its offer. Soon after BHP went public with the bid, the company said it had lined up $45 billion from lenders. The Canadian government has until November 3 to decide whether the attempted takeover of Potash, the world's largest fertilizer producer will benefit the country. Canada's ruling Conservatives are under pressure from Saskatchewan, home to Potash, and four other provinces, to block the bid, however Industry Minister Tony Clement has said Canada needs to be open to foreign investment, according to Reuters. While BHP has not raised its $130-per-share offer as of yet, the company hasn't ruled out doing so, but has favored reminding investors that its offer is the only one for Potash.