Thursday, October 28, 2010

First Nations of Saskatchewan Preparing Big for POT; Will Seek Court Injunction Against BHP

A group of Saskatchewan First Nations is prepapring  a bid for Potash Corp. of Saskatchewan, in conjunction with merchant banks, pension funds and Chinese investors.

The multibillion-dollar bid will compete with the unwanted U.S. hostile takeover attempt by BHP Billiton.

Ottawa Citizen: "A flurry of meetings has taken place in the past week between provincial ministers, First Nations leaders, potential investors and Potash Corp. officials, according to Indigenous Potash Group spokesman Rick Gamble".

"We cannot be left out. We are moving on this," said Gamble, chief of the Beardy's and Okemasis First Nation. "This is exciting stuff. We're ready to go."

The First Nations are also demanding the Canadian government halt the takeover by BHP.

If Investment Canada approves the BHP takeover, First Nations officials have drafted an immediate application for a court injunction.

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