BHP Billiton launched a hostile bid yesterday for PotashCorp, ignoring cries of undervaluation from the Canadian fertiliser group’s executives as the mining group took its $39bn offer directly to shareholders.
Analysts and investors expect the offer to rise, despite the claims of Marius Kloppers, BHP chief executive, that the $130 per share offer was “full and fair”.
“The investors are saying that $160 per share is the level at which they start listening,” said a US mining analyst.
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