BHP Billiton Says Won't Buy Potash 'At Any Cost'

BHP Billiton, the world's biggest miner, tried to dampen expectations it would substantially raise its hostile $39 billion bid for Potash Corp as bumper results showed it has plenty of firepower. "I will be as disciplined on this bid as I've been on every other endeavor," Chief Executive Marius Kloppers told a conference call with reporters on Wednesday. "The shareholders own the company and it's my job to create more value for them, not to do any one thing at any cost." BHP posted its best half-year profit in two years and a hefty balance sheet confirmed the miner has the financial muscle to raise its $130-per-share offer for the top global fertilizer maker, with net annual cash flows of $17.9 billion. Net debt for the group, which has already lined up $45 billion in loans for the Potash deal, dropped 58% from the end of last year to $3.3 billion, with net gearing down to a mere 6 percent. To read the rest, head over to

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