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Potash Corp slightly up as Canadian Govt to Announce Decision at 4:30pm ET; But BHP may break the news earlier

Canada will announce on Wednesday whether it will allow BHP's near US$39 billion bid for Potash Corp (POT.TO) to proceed, as reports surfaced that two fresh efforts to derail the mining giant's bid were underway, Reuters reports.

The federal government said it would make the official announcement in Ottawa after 4:30 p.m. ET on Wednesday, according to Reuters. But a spokesman for Prime Minister Stephen Harper said BHP Billiton will find out first and it is expected to reveal the ruling beforehand. BHP declined comment.

Saskatchewan-based Potash Corp, the world's largest fertilizer supplier, has flatly rejected the US$130-a-share BHP offer as inadequate and repeatedly said it was in talks with other potential bidders, Reuters notes.

But analysts and investors are skeptical that a rival bid for the whole company will emerge, though interested parties are reportedly exploring the possibility of making a blocking bid to stymie a BHP takeover, the Reuters report reads.

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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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