PotashCorp has rejected a massive hostile takeover bid from an Anglo-Australian company, saying the US$38.6-billion bid was far too low.

The offer of $130 per share from BHP Billiton -- the world's biggest mining company -- was 16 per cent over Monday's share price for PotashCorp stock on the Toronto Stock Exchange.

"I think it's very critical for our shareholders to be aware of the aggressive attempt to acquire the company for significantly less than the intrinsic value," PotashCorp president and chief executive Officer Bill Doyle told analysts on a conference call.

"I'm not saying that we're opposed to a sale but what I am saying is that we're opposed to a steal of the company."

BNN's Michael Kane said the industry consensus is that the bid was too low.

"Every single analyst we've spoken to here at BNN has said the company is worth far more than that," he told CTV News Channel Tuesday morning.

He said it is probable more bids will be made for PotashCorp.

Shares in the company soared on Tuesday on the news, going up 24 per cent to C$145.35 on the TSX.

PotashCorp said its board of directors unanimously rejected the offer and has instituted a plan that throws up potential legal roadblocks to hostile takeover bids.

The deal would have been the largest foreign hostile takeover in Canadian history.

BHP Billiton acknowledged the bid, but said little else about its future plan of action.

"BHP Billiton continues to review its options and will make a further announcement in due course," the company said in a statement.

PotashCorp is the world's largest potash producer with about 20 per cent of the world's production.

Here are some of the largest recent takeovers of Canadian companies:

• Aluminum producer Alcan Ltd., by Anglo-Australian miner Rio Tinto for US$38.1 billion
• Nickel miner Falconbridge Ltd., by Swiss-based Xstrata PLC for C$24.8 billion
• Petro-Canada, by Suncor Energy Inc. (TSX:SU) for C$19.2 billion
• Nickel producer Inco Ltd., by Brazil's CVRD (now known as Vale) for C$19 billion
• Placer Dome, by Barrick Gold (TSX:ABX) for US$10.3 billionGlamis Gold, by Goldcorp (TSX:G) for US$8.7 billion
• Shell Canada Ltd., by Royal Dutch Shell for C$8.7 billion
• Red Back Mining Inc. (TSX:RBI), by Kinross Gold Corp. (TSX:K) for US$7.1 billion
• Gas utility and pipeline company Terasen Inc., by Kinder Morgan for C$6.9 billion
• LionOre Mining International Ltd., by Norilsk Nickel for C$6.8 billion
• ATI Technologies Inc., by Advanced Micro Devices Inc. for US$6.2 billion
• Steelmaker Dofasco, by Arcelor for C$5.3 billion