Excerpts from: http://www.miningweekly.com/article/potash-corp-comes-out-fighting-after-bhp-makes-first-move-2010-08-17

TORONTO (miningweekly.com) – Bill Doyle, the CEO of Potash Corporation of Saskatchewan, was his usual scathing self on Tuesday, after announcing a "grossly inadequate" takeover offer from the world's biggest mining company.

“I'm not saying we're opposed to a sale, but what I'm saying is we're opposed to a steal of the company,” Doyle said

BHP is trying to take advantage of Potash Corp's relatively low market value, as demand for its products is only in the early stages of recovery after a sharp decline during the global economic downturn, Doyle said.

But the BHP offer, which valued Potash Corp at about $38,6-billion, “so grossly undervalues the company, it is so far beyond opportunistic, that it really was not a constructive basis for a negotiation,” he stated

Doyle argued on Tuesday that the BHP offer, which represents a premium of just 16% to its closing price on Monday...