Jones Day and Slaughters advise on BHP’s $39bn hostile bid for Potash

Jones Day is advising Canadian fertiliser company Potash Corporation of Saskatchewan (PotashCorp) on the defensive of a $39bn hostile takeover bid from Anglo-Australian mining company BHP Billiton.

M&A partners Bob Profusek and Phil Stamatakos are leading the team for Jones Day. PotashCorp is also being represented by Canadian firm Stikeman Elliot.

BHP Billiton is being advised by Cleary Gottlieb Steen & Hamilton in the US, Blake Cassels & Graydon in Canada, and Slaughter and May in the UK.

Slaughter and May partners Andrew Balfour and Philip Snell are leading on the financing aspects of the deal, while Richard de Carle is the partner advising on corporate.

Allen & Overy is understood to be representing the bookrunners on the $45bn financing that will be put in place for the bid.

PotashCorp is the world’s largest fertiliser manufacturer. BHP’s hostile bid comes shortly after PotashCorp rejected the mining company’s $130 a share offer as “grossly inadequate”.