Potash looks to escape BHP's grip
The fertilizer maker believes BHP's $40 billion takeover bid undervalues the company. So, it's looking for an investor group to buy the company. The government reports low inflation but a wider trade gap.
Potash shares were up 0.9% to $148.38. BHP was off 0.2% to $73.26 in New York.
BHP, the world’s largest mining company, has offered $40 billion, or $130 a share, for Potash, the world’s biggest fertilizer producer.
The interest in Potash reflects the assumption that global food demand will surge in the coming years because of economic growth in Asia and Latin America.
Potash's shares have been wildly volatile in the last fives, rising nearly 800% between the end of 2005 and June 2008. They're down 38% since.
Producer prices rise slightly
The Labor Department
also said its Producer Price Index increased 0.4% in August; economists
had expected a 0.3% increase. The index had risen 0.2% in July.
Core PPI, which excludes food and beverages, rose 0.1%, as expected, after climbing 0.3% in the previous month. The gains should ease deflation fears.
The Treasury Department said
the U.S. current account -- which registers both trade and capital
transactions -- recorded a wider deficit of $123.3 billion in the second
quarter. The figure was in line with expectations.
It also reported foreign net buying of $61.2 billion in U.S. stocks, bonds and financial assets in July. That suggested robust demand for U.S. assets. China remained the biggest investor in Treasurys.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The S&P 500 (-0.3%) remains near its recent levels, while the Dow Jones Industrial Average (-0.4%) and Russell 2000 (-0.5%) underperform.
Even though nine sectors trade below their flat lines, only two groups have surrendered their week-to-date gains. Industrials and technology hold respective week-to-date losses of 0.5% and 0.2%, while the other eight sectors are up between 0.1% (consumer discretionary) and 1.2% (energy) for the week. For its part, the S&P 500 has ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
VIDEO ON MSN MONEY
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'