BHP abandons $40bn Potash offer

BHP Billiton has abandoned its hostile $40bn takeover attempt for Canada's Potash Corp, after failing to overcome government opposition to the deal.

The Melbourne-based BHP, the world's largest mining company, says it will now purchase $4.2bn of its shares, under a $13bn buyback program suspended in 2007. BHP Billiton CEO Marius Kloppers has expressed disappointment at the outcome, which the Canadian government said did not provide benefits to the country. "Unfortunately, despite having received all required anti-trust clearances for the offer, we have not been able to obtain clearance under the Investment Canada Act and have accordingly decided to withdraw the offer," Kloppers says. "We remain committed to Canada and we plan t...