The mining giant BHP Billiton has offered a new takeover bid of 40 billion dollars for the fertilizer maker Canadian firm Potash Corp after being rejected for the initial offer by the Canadian firm.

The largest fertilizer producer of the world, Potash had rejected the previous offer of BHP saying that it had undervalued the company. The mining company BHP has offered 130 dollars per share to buy the PotashCorp.

According to the PotashCorp the demand for fertilizer is expected to rise in this year as the demand for meat is increasing and more crops are needed for the feeding of the cattle. On the other hand, the Food and Agriculture Organization (FAO) of UN has said the demand of meat and products is increasing in the developing countries by the growing population and rising incomes.

According to the FAO the global meat production in a year will rise to 463 million tonnes by the year 2050 from 228 million tones of 2009. The cattle population is also expected to rise to 2.6 billion by the year 2050 from 1.5 billion of 2009.