The Globe and Mail reports in its Wednesday edition that chief executive officer Mike Henry says BHP Group's interest in acquiring Nutrien has passed, as the company moves to build its own potash business instead. The Globe's Niall McGee writes that in 2010, BHP attempted to buy Potash Corp. of Saskatchewan, Nutrien's predecessor company, but the federal Conservative government blocked the deal as not being of net benefit to Canadians.
BHP held talks with Nutrien in 2021 about a possible joint venture on its Jansen potash project in Saskatchewan. However, discussions between the two companies eventually fizzled. BHP elected instead to go it alone on the $7.5-billion project, the most expensive it has ever undertaken.
With BHP making steady progress on construction of Jansen in the years since and first production expected in 2026, Mr. Henry indicated in an interview with The Globe that the industrial logic for a tie-up between BHP and Nutrien has faded away. He said: "There's no kind of burning desire or need. It's very different than we were, way back when we were still facing a decision about whether we wanted to develop through an acquisition, or through developing our own resources. That ship has sailed."
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