BHP Billiton Canada Acquires Athabasca Potash for $331M

On March 23, 2010, BHP Billiton Canada Inc. acquired all of the issued and outstanding common shares of Athabasca Potash Inc. at a price of $8.35 cash per common share by way of a statutory plan of arrangement pursuant to s. 186.1 of The Business Corporations Act (Saskatchewan).

The total equity value of the transaction is approximately $331 million on a fully diluted basis. 

BHP Billiton's Haydn Hillestad, Principal Lawyer, Potash & Titanium, instructed BHP Billiton's external legal counsel in this transaction. External legal counsel was Fasken Martineau DuMoulin LLP with a core team led by Keenan Hohol (corporate/mining); and including Georald Ingborg and Caroline Clapham (corporate/securities); Ian Cassie (real estate); Derek Knoechel (labour) and Michelle Pockey (environmental).

In addition, BHP Billiton was advised by legal counsel from McDougall Gauley LLP in Saskatchewan with a team including Michael Milani, QC (corporate, regulatory); Brett Ledingham (mining); Erin Kleisinger (corporate) and Mark Yemen (real property), among others.

Athabasca Potash's legal counsel in this transaction was Fraser Milner Casgrain LLP with a core team led by Jeffrey Read and Gary Sollis (corporate/securities); and including Kim Willey and Aaron Lightman (corporate/securities); Andrea Raso Amer (labour) and Sarah Sidhu (corporate).

McKercher LLP acted as Saskatchewan counsel to Athabasca Potash with a team including John Pringle and Nikki Rudachyk (corporate/securities); Joel Hesje, QC (court proceedings); and James Gorkoff (mining), among others.