David Buik Comments: Market Updat - This Is London
In Canada, Bill Doyle, chief executive of Potash Corporation of Saskatchewan, seems to think his company is worth far more than anything BHP Billiton can afford let alone the mere $130 a share or $39 billion (£24 billion) offer it went hostile with today.
That prompts the question why his board has immediately tried to slap in a poison pill to stop anyone buying more than a 20% stake. Surely he has faith that his shareholders will not sell out?
My old chum David Buik at BGC Partners has his usually robust views on Potash's fate. He declares: "Only five weeks ago Potash's share price stood at $85. On Monday morning it was $111 and at the close of business yesterday $143 - $13 above BHP's bid. So, all of a sudden Mr Doyle suggests that this bid doesn't represent value - do me a favour! This one will go down to the wire."
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