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Potash Corp. of Saskatchewan Higher on plans to repurchase as much as $2 billion of its stock

Potash Corp. of Saskatchewan Inc. (POT.TO) is higher after announcing plans to repurchase as much as $2 billion of its stock. This comes a day after BHP Billiton Ltd., which failed in a bid to buy the fertilizer company, resumed its own buyback, Bloomberg notes.

Potash Corp. may repurchase 14.6 million traded shares, or about 4.9% of its stock, at market prices. It intends to buy back the stock by Dec. 31.

Meanwhile, Potash Corp. has reportedly been reinstated with a Buy rating and US$150 price target at Bank of America Merrill Lynch.

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

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