September 23, 2010
Somewhat in contrast to recent developments in the BHP/Potash transaction, BHP received some good news today. Reuters and others are reporting that the BHP has received U.S. antitrust clearance (Hart-Scott clearance) for its bid for Potash Corp.
At the same time, Bloomberg and others are reporting that Industry Minister Tony Clement said in Parliament today that BHP’s bid for Potash Corp. will be subject to “rigorous” review, reiterating the required test under the Investment Canada Act that BHP demonstrate that the transaction will be of “net benefit to Canada”.
Also, in contrast to the clearance today by U.S. antitrust authorities, earlier this week the Canadian Competition Bureau issued a supplementary information request (“SIR”), moving the competition law review into a second stage review (triggering a second 30 day statutory waiting period, commencing on full compliance with the SIR).
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