Potash Corp, Agrium both Soar for reasons not related to Takeovers

By MT Newswires,  October 08, 2010, 01:27:15 PM EDT

Shares of Potash Corp (POT.TO) and other leading fertilizer makers jumped on Friday after the U.S. government estimated a smaller-than-expected U.S. corn harvest, driving up prices of the nutrient-intensive crop, according to Reuters.

Shares of Agrium (AGU.TO) are up more than 7% and have hit a year high $82.27.

Having said that, Agrium has also been lifted by reports that an independent expert report has said its A$1.2 billion bid for AWB Ltd., Australia's largest wheat exporter, is in the best interests of shareholders.

The A$1.50 a share cash offer from North America's third- largest fertilizer producer by value, was "fair and reasonable," Lonergan Edwards & Associates Ltd. said in a report prepared for Melbourne-based AWB and released today on the Australian stock exchange, according to Bloomberg. It's unlikely a higher offer would be received before shareholders vote on the bid next month, Bloomberg cites the report as saying.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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