Saskatoon-Potash Corp. of Saskatchewan Inc. President and CEO Bill Doyle said executives considered taking the company private after the company’s share price dropped some 20 percent during a three-day period on Wall Street. Doyle said the drop did not reflect the strong fundamentals of the business. Instead, however, the company opted to implement a 5 percent stock buyback plan. In other news last week, Doyle told analysts that PotashCorp will pass on the upcoming March 11 auction of rights to potash reserves in Russia. Doyle said investment conditions were not right for the move now, though he did not rule out future investment. He expects the bidding to be extraordinarily high. PotashCorp already controls most of the world’s idled potash capacity, with plans to boost its own capacity.
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