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BHP Would Need to Add Output to Justify Higher Potash Bid, Bernstein Says

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Sep 24 (Bloomberg) -- BHP Billiton Ltd., bidding $40 billion for Potash Corp. of Saskatchewan Inc., would need to plan higher production rates of the crop nutrient to justify raising its $130-a-share offer, Sanford C. Bernstein &amp; Co. said.
&quot;We believe this volume expansion will be the key to achieving acceptable returns on the acquisition, rather than simply relying on higher prices,&rdquo; Paul Galloway, a London-based analyst at Bernstein, said in a report. &quot;With BHP likely to have to pay higher than $150 a share, we believe BHP must be assuming running Potash Corp. at full capacity and continuing to allocate additional capital&rdquo; for expansions, he wrote.
Potash Corp., the world&rsquo;s biggest producer of the mineral, has said it&rsquo;s in talks with third parties after rejecting BHP&rsquo;s offer last month. Melbourne-based BHP will likely raise its bid by 20 percent to $156 a share, Bernstein said.
&quot;BHP will sit and wait for news of an alternate bidder and look to stare down Potash Corp.&rsquo;s shareholders,&rdquo; Galloway said. The company said yesterday it had approval from antitrust regulators in the U.S. The bid still faces regulatory reviews in Canada.&nbsp; 
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BHP Would Need to Add Output to Justify Higher Potash Bid, Bernstein Says | Shanghai Non ferrous Metals

BHP Would Need to Add Output to Justify Higher Potash Bid, Bernstein Says

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