Globe & Mail is reporting that Bill Doyle, the chief executive of Potash Corp. of Saskatchewan Inc., (POT) wants at least $170 a share for his $42 billion market cap company. Doyle told G&M that the value of his co. as the world’s number 1 fertelizer producer “far exceeds $170 per share,” suggesting that Australia’s BHP Billiton Ltd. (BHP) or any other bidder, will have to come up with more than POT’s current pps to win his approval.
Doyle also said BHP’s $130 per-share offer, which values the company at $38.6-billion, is “a non-starter.”
Shares of Potash were off 43 cents to $140.90 during Thursday’s trading session. The stock has traded as high as $153.29 this year.