First Nations Secure Billions For PotashCorp Bid

First Nations Secure Billions For PotashCorp Bid

Wednesday, November 03, 2010 at 15:31

New details are emerging about a plan by a First Nations group to submit a rival bid for the Potash Corporation of Saskatchewan.

Comprised of five bands, the group says it has secured $25 billion in financing for the bid.

President Ken Thomas says Forbes Manhattan is facilitating the bid with backing from groups in Asia, the United States and Brazil.

Thomas stresses the proposed plan is only a partial takeover — but if all goes well, the rest of the financing will come at a later date.

He adds if the federal government approves a hostile takeover bid for PotashCorp by BHP Biliton, the First Nations group will file a court injunction to stop that.