Anglo-Australian mining giant BHP Billiton made an unsolicited $38.6 billion offer for the world's largest fertilizerproducer, Potash Corp. of Saskatchewan Inc., in an aggressive wager that developing economies will drive up demand for the world's food supply.
英澳矿业巨擘必和必拓（BHP Billiton）主动向Saskatchewan Inc.旗下的全球最大化肥生产企业Potash Corp.提出386亿美元的收购要约，在发展中经济体将推高全球食品需求上押下重注。
Potash is an important nutrient that replenishes soil and increases farmland's crop yield. Global potash supplies are relativelylimited, and Potash Corp., based in the prairies of central Canada, controls close to 20% of the supply.
碳酸钾是补充地力的重要养分，可以增加农田的收成。全球碳酸钾供应相对有限，总部位于加拿大中部大草原的Potash Corp.控制着全球近20%的碳酸钾供应。
The offer is likely to set off a long struggle for the fate of Potash Corp., a crown jewel of Canada's natural-resources-based economy.
这一收购要约可能引发对Potash Corp.的长期争夺战，该公司是加拿大以自然资源为基础的经济皇冠上的一颗宝石。
Potash's board rejected the BHP offer of $130 a share in cash, a 16% premium to Potash's Monday closing price, calling it 'grossly inadequate.'
Potash董事会拒绝了必和必拓提出的每股130美元现金的收购要约，这较Potash周一收盘价溢价16%，Potash董事会指称这一收购要约金额"严重不足"。
In trading Tuesday, the fertilizer company's shares soared far above the offer, a sign traders expect BHP to raise its bid or other suitors to emerge. Potash shares closed at $143.17, up $31.02, or 27.7%.
在周二的股市交易中，Potash股价飙升，远超过收购要约提出的价格，交易员预计这将导致必和必拓提升报价，或出现其他竞购企业。Potash周二收报143.17美元，飙升31.02美元，涨幅27.7%。
The company's chief executive, Bill Doyle, said the board wasn't opposed to a sale, 'we just don't expect someone to come steal the company.'
Potash首席执行长多伊尔（Bill Doyle）说，董事会并不反对出售公司，但我们不希望有人偷走它。
People familiar with the matter said BHP would decide in the next few days whether to take its offer directly to Potash shareholders, a move that would officially make BHP's unsolicited offer a hostile one.
熟悉情况的人士说，必和必拓将在未来几天决定是否向Potash股东直接提出收购要约，这一举动将正式使必和必拓的主动收购要约成为敌意收购。
Potash adopted a shareholder-rights plan on Tuesday that puts a 20% ceiling on any single stakeholder.
Potash周二启用了股东权利计划，每个单一股东持股上限被定为20%。
Such a 'poison pill' may be less effective in Canada than in the U.S. because a hostile bidder can lobby Canadian securities regulators to have the target company eliminate its plan and allow a tender offer to shareholders.
这一"股权摊薄反收购措施"在加拿大的作用可能比在美国小，因为敌意竞购方可以游说加拿大证券监管机构，让目标公司摒弃其计划，允许向股东提出收购要约。
BHP's shares closed at $70.21, down $1.73, or 2.4%, in trading on the New York Stock Exchange.
必和必拓周二在纽约证交所大跌1.73美元，至70.21美元，跌幅2.4%。
Analysts speculated that mining rivals Vale, of Brazil, and the Anglo-Australian company Rio Tinto could consider counteroffers. Vale, which recently made a $3.8 billion purchase of fertilizer assets, declined to comment. Rio Tinto didn't immediately return a call.
分析师猜测矿业竞争对手巴西的淡水河谷（Vale）和英澳矿业巨头力拓（Rio Tinto）可能考虑提出竞争性收购要约。近期以38亿美元收购化肥资产的淡水河谷拒绝发表评论，而力拓没有立即回复要求置评的电话。
Mr. Doyle of Potash declined to say what might be a suitable offer. People close to the company, based in Saskatoon, Saskatchewan, said an offer would need to factor in Potash's record high of about $240 in mid-2008. The offer from BHP was made in a letter Aug. 12 that Potash disclosed on Tuesday.
Potash首席执行长多伊尔拒绝说出合适的报价是多少。接近该公司的人士说，收购报价需考虑到Potash在2008年中期曾创下的约240美元的纪录高位。必和必拓的收购要约是在8月12日的一封信里提出的，Potash周二披露了出来。
A deal for Potash would represent a shift for BHP, which specializes in minerals and metals and has limited experience with customers who buy fertilizer. Potash is the common name for fertilizer derived from potassium, and includes potassium carbonate and other salts. It is one of the common fertilizers farmers use, along with nitrogen and phosphate.
若与Potash达成交易，则标志着必和必拓的转型，后者主业是矿产和金属，与化肥客户没什么打交道的经验。碳酸钾是从钾里提取的化肥的通称，包括碳酸钾和其他盐份。碳酸钾是农民使用的普通化肥之一，其他还有氮和磷酸盐等。
There are plenty of reasons to expect rising demand for fertilizer. The world is projected to add an average of 57 million people a year between 2000 and 2050, leading to a population of 8.9 billion in 2050, according to United Nations projections. Rising incomes in growing economies will also push up demand for diverse diets, and fertilizer is a sure way to increase food production.
有许多理由相信市场对化肥需求会上升。据联合国预测，在2000至2050年间，全球每年料平均增加5,700万人，2050年时全世界人口将达到89亿。发展中经济体人们的收入增加，将推高对各类食品的需求，而化肥无疑是增加食品产量的一个方法。
Such long-term global trends have turned Potash Corp. into a highflying stock that has soared since 2005.
这样的全球长期趋势使Potash Corp.成为一只不断高涨的股票，2005年以来其股价不断飙升。
Anupreeta Das / Scott Kilman / Liam Pleven
- emerge [i´mə:dʒ]
vi.出现；显露；暴露 (初中英语单词) - executive [ig´zekjutiv] a.行政的 n.行政官 (初中英语单词)
- hostile [´hɔstail] a.敌方的，敌意的 (初中英语单词)
- effective [i´fektiv] a.有效的；有力的 (初中英语单词)
- canadian [kə´neidiən] a.加拿大的n.加拿大人 (初中英语单词)
- comment [´kɔment] n.&v.评论；评注；注意 (初中英语单词)
- suitable [´su:təbəl, ´sju:-] a.合适的，适当的 (初中英语单词)
- factor [´fæktə] n.因素；原动力；要素 (初中英语单词)
- mining [´mainiŋ] n.采矿；矿业 (高中英语单词)
- billion [´biljən] num.万亿 (高中英语单词)
- producer [prə´dju:sə] n.生产者；演出人 (高中英语单词)
- relatively [´relətivli] ad.比较地；相对地 (高中英语单词)
- limited [´limitid] a.有限(制)的 (高中英语单词)
- eliminate [i´limineit] vt.消除；淘汰 (高中英语单词)
- brazil [brə´zil] n.巴西 (高中英语单词)
- nitrogen [´naitrədʒən] n.氮 (高中英语单词)
- fertilizer [´fə:tilaizə] n.肥料 (英语四级单词)
- aggressive [ə´gresiv] a.进攻的；侵略的 (英语四级单词)
- premium [´pri:miəm] n.奖励；奖金；保险费 (英语四级单词)
- officially [ə´fiʃəli] ad.以职员身份；正式 (英语四级单词)
- calling [´kɔ:liŋ] n.点名；职业；欲望 (英语六级单词)
- carbonate [´kɑ:bəneit] n.碳酸盐；黑金刚石 (英语六级单词)
- diverse [dai´və:s] a.完全不同的 (英语六级单词)
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