Potash posts stellar results
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Potash Corp, the Canadian miner, yesterday delivered a strong set of numbers to bolster its defence against the $39bn hostile takeover tabled by BHP Billiton.
Third-quarter profits soared 62 per cent at the group, which is the world's largest supplier of potash, a mineral used to fertilise crops. It said the rising grain prices had prompted huge demand for fertiliser.
Chief executive Bill Doyle hailed the results as a "meaningful step" forward for the Saskatchewan-based company, as it reported the second best third-quarter performance in its history.
"Rapidly rising prices for a number of key crop commodities pushed our industry past the inflection point, as demonstrated by stronger demand and the beginning of pricing momentum for all nutrients in this quarter," he said. He added that the outlook for the company was rosy.
Potash was reticent over the bid from BHP. It rejected its rival's $39bn approach out of hand in August as too low, and a month later launched a lawsuit against it.
Canada's government is also exploring whether to step in and block a potential deal, as foreign takeovers must demonstrate a net benefit to the country.
The Saskatchewan premier said yesterday that he backed a potential move from the Government to block the bid.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments