BHP Launches $39 Billion Cash Bid for PotashCorp

Miner BHP Billiton formally launched its $39 billion hostile offer for Potash Corp, the world's largest fertilizer company.

Details of the offer were the same as when BHP, the world's largest mining group, said on Wednesday it was bypassing the board of Potash Corp, which had rejected the bid, and would go directly to shareholders.

BHP reiterated in a statement on Friday it would pay $130 per share for all Potash Corp stock and the offer would close on October 19.

BHP also took out a full-page advertisements in Canadian newspapers to launch the offer.