BHP Billiton - Offer for Potash Corporation of Saskatchewan Inc.

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Slaughter and May is advising BHP Billiton, the world's largest diversified natural resources company, on the English law aspects of a proposed cash offer for Potash Corporation of Saskatchewan Inc. ("PotashCorp") and on the committed bank financing facilities put in place in connection with the proposed offer. The proposed acquisition would accelerate BHP Billiton's entry into the fertiliser industry and is consistent with BHP's strategy of becoming a leading global producer of potash.

PotashCorp is the world's largest producer of potash and is listed on the Toronto and New York stock exchanges. The offer represents a premium of 20 per cent to the closing price of PotashCorp's shares on the NYSE on 11 August 2010, the day prior to BHP Billiton's first approach and values PotashCorp at approximately US$40 billion on a fully diluted basis.

Slaughter and May is working as an integrated team with Blake, Cassels and Graydon LLP, Cleary Gottlieb Steen & Hamilton LLP and Blake Dawson, whilst taking the lead on the financing aspects of the transaction.

Financing: Andrew Balfour (partner), Philip Snell (partner), Richard Jones (associate), Azadeh Nassiri (associate), Rebecca Lee (associate); Corporate: Richard de Carle (partner), Louise Campbell (associate); Tax: Jeanette Zaman (partner), Holly Jones (associate)