BHP clears first hurdle on Potash

BHP Billiton, the world's largest mining company, said it had cleared the first US regulatory hurdle in its bid for Canadian company Potash Corp of Saskatchewan.

BHP said on Friday the US Federal Trade Commission and the Antitrust Division of the Department of Justice had granted early termination of the mandatory waiting period.

"The termination is effective immediately, thereby ending the HSR waiting period for the proposed acquisition," the company said in a statement.

"Accordingly, the condition under the offer for the expiration or termination of any waiting period under the HSR Act has been satisfied."

BHP says it remains confident its offer will receive US foreign investment approval and, subsequently, competition and foreign investment approval from Canada.

BHP has offered to purchase all outstanding PotashCorp common shares at a price of US$130 in cash per share.