Further underlining the current interest in potash, BHP Billiton has entered into a definitive agreement with Anglo Potash to acquire all of the issued and outstanding common shares of Anglo Potash at a price of C$8.15 cash per common share. Anglo Potash’s only asset is its 25% interest in the Canadian potash joint venture development project in which BHP Billiton has a 75% interest. If approved, this acquisition will deliver to BHP Billiton 100% control of the Joint Venture.The total equity value of the transaction is some C$284 million on a fully diluted basis. BHP Billiton Diamonds & Specialty Products President Graham Kerr said, “our Canadian potash position comprises a worldclass development with over 7,338 km2 of highly prospective exploration permits in the immediate vicinity of existing major Saskatchewan potash mines. Today’s announcement is consistent with BHP Billiton’s strategy of capturing and developing premium growth options in long-life, low cost natural resources with a focus on delivering shareholder and stakeholder value”.
