PotashCorp chief executive Bill Doyle sees rising demand for 2011

The exterior of the Potash Corp. Rocanville potash plant on Wednesday Nov. 3, 2010 near Rocanville, Sask. THE CANADIAN PRESS/Troy Fleece

BHP Billiton's hostile takeover offer for PotashCorp helped highlight the Saskatchewan company's prospects in a growing and ever hungry world, chief executive Bill Doyle said Wednesday.

"They shined the bright light of value," Doyle told an investor conference in New York in his first public comments since BHP abandoned its bid.

Doyle said BHP would not have made its offer if it had not seen the same value he does for the industry and his company.

"Of all the fertilizer companies in the world, they happened to focus in on PotashCorp," he said, noting potash is the most valuable crop nutrient with the highest barriers to entry for competitors.

"I think going forward we know that we have an extraordinarily valuable enterprise that we know can deliver far more value, so in many ways we feel like we're just getting started."

Doyle repeatedly called BHP's nearly US$40-billion hostile offer a low-ball bid before it was blocked last month by the federal government for not being a "net benefit" to Canada. BHP had offered US$130 per share.

"We were never opposed to a sale," Doyle told the conference.

"We were opposed to a steal of the company and we believe that our shareholders who have supplied us with the capital to grow should be the ones that benefit, as opposed to BHP shareholders."

PotashCorp (TSX:POT) shares were up $1.69 at C$139.69 Wednesday on the Toronto Stock Exchange.

In his presentation to investors, Doyle said he expects rising international demand — especially from India and China — will boost the company's fertilizer orders next year.

"Looking ahead to 2011, we estimate it will take more than a five per cent increase in grain production just to keep pace with expected consumption," he said.

After an unprecedented decline in 2009, PotashCorp saw a return to growth in 2010 and in 2011 it sees potash demand around the world at be between 55 million and 60 million tonnes.