BANGALORE (Reuters) – Potash Corp's board urged shareholders to reject BHP Billiton's hostile $39 billion offer and said it was in talks with a number of potential suitors for a superior deal.
Potash Corp, the world's largest producer of potash based in the Canadian province of Saskatchewan, said superior offers or other alternatives are expected to emerge.
Discussions are on with several of these third parties in order to generate superior offers, the company said in a statement.
According to a Bloomberg report, Potash has been contacted by China's Sinochem Group and Brazil's Vale.
Potash Corp shares were up 1 percent at $151 on the New York Stock Exchange. They closed at C$157.06 Friday on the Toronto Stock Exchange.
BHP shares are up 2 percent at 1857 pence on the London Stock Exchange.
(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Aradhana Aravindan.)