Potash rejects $39bn approach by BHP

飞雪寒冰

BHP Billiton, the biggest and most cash-rich mining company, returned to frontline dealmaking yesterday with a $39bn preliminary offer for PotashCorp, a fertiliser producer whose board rejected the offer.
全球规模最大、资金实力最雄厚的矿业公司必和必拓(BHP Billiton)昨日重返并购第一线，向化肥生产商加拿大钾肥公司(PotashCorp)发出390亿美元的初步收购报价。PotashCorp董事会拒绝了这一报价。

Canada-based PotashCorp, the world’s largest fertiliser producer, described BHP’s $130 a share cash offer as “grossly inadequate”, setting the stage for a takeover battle. The offer was a 20 per cent premium to PotashCorp’s New York-traded shares on August 11, the day before Marius Kloppers, BHP chief executive, met PotashCorp executives to pitch a takeover.
PotashCorp是全球最大的化肥生产商，该公司将必和必拓的每股130美元现金报价形容为“严重低估”，从而为一场收购战搭起了舞台。与PotashCorp纽约上市股票8月11日收盘价相比，上述报价有20%的溢价。次日必和必拓首席执行官高瑞思(Marius Kloppers)与PotashCorp高管会晤，向后者兜售了收购的想法。

飞雪寒冰

BHP, which has spent two years quashing rumours that it would bid for the Canadian company, said in a letter to PotashCorp that it had “fully negotiated a financing facilities agreement” with its banks. At the end of last year, BHP held $8.4bn in cash.
过去两年里，必和必拓不断否认有关它将竞购PotashCorp的传言。该公司在一封致PotashCorp的信中表示，它已经与银行“谈妥了一项融资安排协议”。截至去年底，必和必拓持有84亿美元的现金。

BHP is making a big bet that agricultural fertiliser ingredients – including potash, nitrogen and phosphate – will rise in price as the developing world requires more meat and plants. Shares in PotashCorp jumped 27 per cent in early New York trading to $142.70, suggesting that investors expect a higher offer.
必和必拓正大举押注的是，随着发展中国家需要更多的肉类和作物，农业肥料成分（包括钾、氮和磷）的价格将会上涨。昨日纽约早盘时分，PotashCorp的股票跃升27%，至每股142.70美元，似乎表明投资者预期会有更高的报价。

飞雪寒冰

Bill Doyle, chief executive of PotashCorp, told the Financial Times that he had met BHP last week and taken the proposal directly to his board, which rejected it after meeting twice.
PotashCorp首席执行官比尔•多伊尔(Bill Doyle)对英国《金融时报》表示，他曾在上周与必和必拓方面会晤，并将对方的提议直接呈交自己公司的董事会，而董事会在开了两次会之后，拒绝了这个报价。

Potash said it had put in place a shareholder rights plan – commonly known as a poison pill – to protect itself from BHP’s “unsolicited” interest. The plan is designed to prevent anyone acquiring more than 20 per cent of the company.
PotashCorp表示，它已安排一项股东权利计划，即通常所称的“毒丸”，以保护自己免受必和必拓“不请自来的”兴趣打扰。该计划旨在防止任何人买下公司20%以上的股份。

飞雪寒冰

“Potash has the highest barriers to entry and is found in the fewest countries,” said Mr Doyle, explaining why he believed the BHP proposal failed to reflect the company’s value. PotashCorp has 20 per cent of the world’s global capacity, as well as partnerships in the Middle East, China and Chile.
“钾肥具有最高的进入障碍，在世界上仅分布于极少几个国家，”多伊尔表示。此言意在解释为什么他相信必和必拓的报价未能反映PotashCorp的价值。PotashCorp拥有全球20%的钾肥产能，并在中东、中国和智利拥有合作伙伴关系。

Potash is found only in 12 countries and each mine takes at least seven years to build, compared to less than two for other types of fertiliser. “Coming out of this great recession, we are seeing demand come back into the system,” added Mr Doyle. “We believe we’re at an inflection point.”
世界上只有12个国家发现了钾矿，每个矿至少需要7年才能建成投产，而其它肥料仅需不到2年。“告别本次大衰退之际，我们正看到需求重返整个体系，”多伊尔补充说。“我相信我们正处于一个拐点。”

飞雪寒冰

The company’s pre-tax profits almost tripled to $1.28bn in the first half of the year. The proposal values PotashCorp’s equity at about $38.6bn at current share prices. The Canadian group has $3.66bn of net debt, according to Bloomberg data.
今年上半年，该公司的税前利润几乎增长两倍，达到12.8亿美元。上述报价意味着，按当前股价计算，PotashCorp的股本价值应为大约386亿美元。根据彭博社(Bloomberg)的数据，这家加拿大集团有36.6亿美元的净债务。

BHP said in a brief statement that PotashCorp had “not agreed to engage in discussions” and added that the company “continues to review its options and will make a further announcement in due course”.
必和必拓在一份简短的声明中表示，PotashCorp“未同意进行磋商”，并补充称，该公司“正继续审议自己的选择，并将在适当时候作进一步宣布”。

飞雪寒冰

The share price of PotashCorp has historically been linked to grain prices, which have surged recently after dwindling supplies prompted Russia to impose an embargo on exports. Potash is used to improve the quality and yield of grain production.
传统上，PotashCorp的股价与粮价存在联系，而近期粮价飙升，因为供应减少促使俄罗斯出台出口禁令。钾肥在粮食生产中用于提高质量和收成。

The proposed takeover of PotashCorp comes days after Agrium, the Canada-based fertiliser group, offered more than $1bn to buy AWB, the Australian grain trader and agribusiness. Russian businessmen are also attempting to consolidate the country’s fertiliser industry.
就在必和必拓对PotashCorp发出报价几天前，另一家加拿大化肥生产商Agrium向澳大利亚谷物交易商和农业综合企业AWB发出逾10亿美元的收购报价。俄罗斯商人也在试图整合该国化肥业。

飞雪寒冰

BofA Merrill Lynch, Goldman Sachs and RBC Capital Markets are advising PotashCorp. JPMorgan and Toronto-Dominion Bank are acting for BHP Billiton.
PotashCorp的顾问是美国银行-美林(BofA Merrill Lynch)、高盛(Goldman Sachs)和加拿大皇家银行资本市场(RBC Capital Markets)。必和必拓的顾问是摩根大通(JPMorgan)和多伦多道明银行(Toronto-Dominion Bank)。

As of June 30, 49.03 per cent of PotashCorp’s common shares were held in Canada, 37.59 per cent in the US and 13.38 per cent outside of Canada and the US, PotashCorp said.
PotashCorp称，截至6月30日，其普通股有49.03%在加拿大持有，37.59%在美国，13.38%在美加以外。