BHP open to potash partnership with Nutrien, leaves door open to new takeover attempt – by Niall McGee (Globe and Mail – March 14, 2023)

BHP Group Ltd. is open to partnering with Nutrien Ltd., and isn’t ruling out making another takeover attempt of the Canadian fertilizer giant, a senior executive with the Australian miner told The Globe and Mail. “We’re happy to partner,” Rag Udd, president minerals Americas with Melbourne-based BHP, said in an interview.

“If you take a look at the majority of our businesses, there’s some form of partnership there with other companies.” When asked whether a partnership with Nutrien meant a joint venture, a takeover of the company, or both, Mr. Udd replied, “There’s a myriad of options that could be looked at.”

In 2010, the Canadian government, then run by Stephen Harper’s Conservative Party, rejected BHP’s US$40-billion proposed takeover of Nutrien’s predecessor company, Potash Corp. of Saskatchewan, as not being of net benefit to Canadians.

However, since then, the domestic investment climate has changed significantly, with Canada welcoming a slew of inbound investment from Australian miners, as it embraces “friendshoring,” or trading more with like-minded nations.

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