The Decision, Part 1

A couple of brief notes on some potash decision or other that was made yesterday.

First off, it's worth being careful not to read too much into the 30-day response period provided to BHP Billiton to submit a reply. That period isn't an indulgence being granted by Tony Clement, but is instead required by section 23(1) of the Investment Canada Act.

Mind you, it says plenty about how our current legislation is set up that an applicant whose bid is rejected is automatically entitled to a do-over, while there's no formal mechanism to challenge a decision to approve a takeover. But at least for now, Clement hasn't done anything more in BHP Billiton's favour than he's required to by law.

Which isn't to say matters can't change in the next 30 days. And I'd keep a closer eye on these numbers than these ones in figuring out whether the Cons will figure it's safe to revert back to their apparent instincts on the bid - meaning that Kory Teneycke may be in for a busy month.