Harper weighing Potash bid

Some say the prime minister is leaning towards taking the rare step of stopping the takeover of Potash Corp. by a foreign company for political reasons.

Since it was enacted in 1985, the Investment Canada Act has only been used to block a takeover once. During that time, 1,637 deals have been approved but some observers say Stephen Harper is likely to invoke the act for a second time to stop Melbourne-based BHP Billiton's attempted takeover of Saskatchewan's Potash Corp., a company considered sacred by some Saskatchewan voters. Former industry minister John Manley said there is a 70 per cent chance Harper will block the deal because Saskatchewan's popular premier Brad Wall has vocally criticized it. Should the government block the deal, it could have negative repercussions for Canadian corporations trying to make similar deals abroad. The deadline for Harper's decision is Wednesday.