The regulator who blocked BHP’s $40 billion bid for Canada’s biggest potash miner a decade ago says the deal would stand a better chance of approval today
A BHP bid for Canada’s biggest potash miner would be more likely to pass foreign investment scrutiny than a decade ago, according to the man whoCanada’s former Industry Minister Tony Clement said national security was now the primary focus of foreign investment rulings in his home country, rather than the factors that convinced him to reject BHP’s potash ambitions in 2010.
in 2021 when Charles “Chuck” Magro was suddenly replaced as chief executive by his chairman Mayo Schmidt. Asked whether a BHP bid for Nutrien would have a better chance of success today than when he was regulating foreign investment into Canada, Mr Clement said the changed focus of regulators would give any theoretical bid a better chance.
“That is what’s occupying the time of reviewers now. That is the difference, I would say, compared to 10 or 11 years ago.”The company once known as the Big Australian is increasingly focused on Canada. Jansen is BHP’s biggest spending item and most important growth project, the company’s global exploration teams have been relocated to Toronto, and BHP is in a bidding war for control of Canadian explorer Noront Resources.
The fact BHP chief executive Mike Henry and chairman Ken MacKenzie were both born in Canada is a coincidence, but one that does no harm to the company’s brand in Ottawa. The potash market dominance created by the 2018 merger triggered regulatory scrutiny in six of the world’s most powerful nations: China, the United States, Russia, India, Brazil and Canada.
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