Small potatoes maybe, but an additional revenue stream nevertheless.
CALGARY, Alberta, May 12 (Reuters) - BHP Billiton Ltd's (BHP.AX: Quote, Profile, Research) Canadian unit has launched a C$284 million ($281 million) friendly takeover bid for Anglo Potash Ltd (AGP.V: Quote, Profile, Research) to gain full control of a partnership to develop a Saskatchewan potash mine, Anglo Potash said on Monday.
Under the deal, BHP will offer Anglo's stockholders C$8.15 in cash for each of their shares, which it said was a 34 percent premium over Friday's closing price on the TSX Venture Exchange.
Anglo Potash Chief Executive Todd Montgomery and several other company directors have agreed to tender their combined 26 percent stake to the offer.
The company has a 25 percent interest in a partnership with BHP Billiton Diamonds Inc, which holds 32 potash permits covering more than 1.8 million acres (728,500 hectares).
Shares in Anglo Potash jumped C$1.99, or nearly 33 percent, to C$8.06 on Monday.
($1=$1.01 Canadian) (Reporting by Jeffrey Jones; Editing by Peter Galloway)
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