Potash get desperate

They do things differently in Saskatchewan. Potash Corporation would provoke ridicule if it tried its legal manoeuvres in London. Does it really matter that BHP didn't mention that it would need the approval of its own shareholders to increase its offer for Potash Corp? Not really. BHP would have disclosed the fact at the time and Potash Corp is free to shout this detail from the rooftops. Similarly, what hangs on the notion that BHP over-hyped the development plans for its own potash interests in an attempt to drive down Potash Corp's share price? Even if this accusation could be proved, Potash Corp's shareholders can make up their own minds about BHP's desperation, or not, to own some potash mines in production. According to the Canadians, there are precedents for this type of legal action. Maybe there are, but most of the content looks as if it belongs in a conventional defence document rather than a lawsuit. Takeover officials, rather than judges, are the best folk to rule on the fairness of tactics. The charitable view is Potash Corp is playing for time in order to find a counter-bidder, perhaps from China. If so, fair enough. The uncharitable view is that the search for a white knight is going badly.