12th May 2008 14:56
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NEWS RELEASE
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Release Time
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IMMEDIATE
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Date
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12 May 2008
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Number
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17/08
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BHP BILLITON ANNOUNCES PLAN OF ARRANGEMENT TO ACQUIRE ANGLO POTASH LTD
BHP Billiton today announced that it has entered into a definitive agreement with Anglo Potash Limited ("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 (the "Transaction").
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, today's announced acquisition will deliver to BHP Billiton 100% control of the Joint Venture.
The total equity value of the Transaction is approximately US$282 million (C$284 million) on a fully diluted basis.
BHP Billiton Diamonds & Specialty Products President Graham Kerr said, "our Canadian potash position comprises a world class development with over 7,338 square kilometres 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".
Anglo Potash's Board of Directors has unanimously approved the Transaction and recommends that shareholders vote in favour of the Transaction.
Further information can be found in the attached joint announcement by BHP Billiton and Anglo Potash.
Further information on BHP Billiton can be found on our Internet site: www.bhpbilliton.com
http://www.rns-pdf.londonstockexchange.com/rns/2223U_-2008-5-12.pdf
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Australia Samantha Evans, Media Relations Tel: +61 3 9609 2898 Mobile: +61 400 693 915 email: [email protected] |
United Kingdom & South Africa Andre Liebenberg, Investor Relations Tel: +44 20 7802 4131 Mobile: +44 7920 236 974 email: [email protected] |
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Leng Lau, Investor Relations Tel: +61 3 9609 4202 Mobile: +61 403 533 706 email: [email protected] United States Tracey Whitehead, Investor & Media Relations Tel: US +1 713 599 6100 or UK +44 20 7802 4031Mobile: +44 7917 648 093 email: [email protected] |
Illtud Harri, Media Relations Tel: +44 20 7802 4195 Mobile: +44 7920 237 246 email: [email protected]
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Related Shares:
BHP Group