Rejecting the unsolicited bid on Tuesday, Aug 17, Potash Corp termed it as "grossly inadequate."
The fertilizer industry has over the past year enjoyed a
resurgence after suffering the bad
fall during the global economic crisis.
Analysts suggest that BHP Billiton's bid was prompted by the desire the capitalise on the sector's growth, which is expected to be accelerated further in the near furture.
While this offer for Potash Corp is the biggest yet, investors have suggested that the bid would rise.