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Potash Corp. to double its quarterly dividend

The federal government promised more clarity on foreign investment rules after the rejection of BHP’s proposed $38.6-billion (U.S.) takeover of Potash Corp. of Saskatchewan Inc.

Liam Richards/liam richards The Globe and Mail

Potash Corporation of Saskatchewan Inc. is doubling its quarterly dividend for the second time in a year, announcing Wednesday that its next payout will be 14 cents (U.S.) per share.

"In addition to using our strong cash flow to grow our world-class fertilizer business, we have a proven track record of returning capital to our shareholders," said Potash Corp. president and CEO Bill Doyle.

"This announcement to double the dividend — the second time in the past year — reflects the confidence we have in the drivers of our business and our commitment to creating superior long-term shareholder value."

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The new dividend, up from 7 cents per share, will be payable May 3 to shareholders of record April 12. It will raise the annual dividend yield on the stock to almost 1.3 per cent.

Potash Corp. is the world's largest fertilizer enterprise by capacity. Its stock closed up 58 cents at $45.48 Wednesday on the Toronto Stock Exchange.

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