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.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.