Canada blocked BHP Billiton’s blockbuster $39 billion bid for Potash Corp on Wednesday and offered only the slimmest of chances that the offer could be modified or revived.

BHP, the world’s largest fertilizer producer, launched its bid for Saskatchewan-based in August, seeking an entry into the lucrative fertilizer sector. But the Potash stock consistently traded above the offer price, indicating that investors thought a higher offer would come.

Under the Investment Canada Act, a foreign takeover must have a net benefit for the country in terms of jobs, exports, production and investment. The Canadian government had previously blocked a foreign takeover only once before.

From MSNBC