Canada has rejected BHP Billiton's $39bn bid for PotashCorp, dealing a potentially fatal blow to the Australian miner's 10-week pursuit of the Saskatchewan-based fertiliser producer. Tony Clement, Canada's industry minister, said late on Wednesday that "at this time, I am not satisfied that the proposed transaction is likely to be of net benefit to Canada," as required by Ottawa's foreign investment law.

However, Mr Clement appeared to keep the door ajar to a revised offer by BHP noting that, under the legislation, "BHP Billiton has 30 days to make any additional representations and submit any undertakings."