The largest fertilizer producer of the world, Potash Corp has requested its shareholders to reject the hostile takeover bid of the mining group BHP Billiton. The mining firm BHP Billiton placed a 40 billion dollars bid to takeover the Canadian firm Potash Corp after having a rejection to an initial bid.

According to Potash, the value of shares in the bid was not up to the mark as the fertilizer industry is growing globally day by day. The Canadian company has said it has held talks with other potential and much offering bidders.

The Potash Corp has described itself a uniquely valuable asset and has said that it deserves more price for the takeover. As per the media reports another fertilizer firm Sinochem of China has also showed interest in the Potash Corp and planning to launch its bid.

The global demand for fertilizer is expected to increase sharply in next few years because of high demands of the meat in emerging markets. BHP has offered 130 dollars per share in its takeover bid for Potash Corp but analysts suggest that the mining giant will have to increase its offer price to make the bid secure.