On Wednesday, the world’s largest mining company, BHP Billiton, said that it would take its nearly $40 billion cash offer for the Potash Corporation of Saskatchewan directly to the shareholders, a day after the Canadian fertilizer company rejected the bid.

BHP’s appeal to Potash shareholders came after the mining company’s shares fell more than 4 percent in Australia as investors fretted about the high cost of the potential acquisition.

Also, Moody’s warned earlier in the day that it was likely to put BHP’s credit rating under review for a possible downgrade if a formal takeover offer was made.

In a statement, BHP Chairman Jacques Nasser said, “We firmly believe that Potash Corp. shareholders will find the certainty of a cash offer, at a premium of 32 percent to the 30-day trading day period average, very attractive, and we have therefore decided to make this offer directly to those shareholders.”

(Thanks to The New York Times and Wikipedia)