Canadian fertilizer producer Potash Corporation (POT) moves on to urge its shareholders to reject a hostile takeover bid from Australia mining firm BHP Billiton (BBL).

The world's largest fertilizer producer stressed that the bid was "wholly inadequate" and that it undervalues the company.

The UN Food and Agriculture Organization states rising incomes, population growth, and urbanization in developing countries will increase the demand for meat products. It forecast global meat production to double by 2050.

The fertiliser industry will be at an advantage with the increase in global demand for meat. Mining firm BHP saw a good investment in the industry and has launched a $40 billion (£25.8 billion) hostile bid for Potash Corp after having had an initial offer rejected.

Potash expects "superior offers" or other alternatives to emerge now that the forecast has been available to the public. It also disclosed that it had held discussions with other potential bidders.

Potash Corp chief executive Bill Doyle said, “There are a number of people who have contacted us... all sorts of different players. People would be surprised at what we're seeing.”

Shares for the fertilizer company have risen sharply and are now well above the offer price. Shares rose 1.2 percent to $151.52.