Miners drag on FTSE after BHP's $40bn hostile bid

Miners dragged on the FTSE 100 opening this morning following BHP Billiton's $40bn hostile takeover bid for Canadian group Potash Corp.

The blue chip index fell 0.72% to 5311.95 points, with basic materials leading the declines. BHP, which had an initial offer rejected by the Canadian fertiliser firm yesterday, have now come back to the table with a hostile approach. Shares in the stock fell 0.81% on the bid news. Eurasian Natural Resources was the largest loser, declining 2.89% - while Vedanta Resources also suffered, falling 2.16% At the other end of the index, utilities and transportations stocks were making gains. Intertek Group was the biggest climber, with 2.39%, followed by Legal & General (1.93%), BA (0.77...