PotashCorp Announces Increase to Share Repurchase Program



    
    Listed: TSX, NYSE
    Symbol: POT
    

    SASKATOON, SK, Sept. 11 /CNW/ - Potash Corporation of Saskatchewan Inc.
(PotashCorp) today announced that its Board of Directors has approved, subject
to regulatory approval, an increase to the share repurchase program authorized
in January 2008, raising the ceiling to approximately 10 percent of the public
float or 31.5 million of the company's issued and outstanding common shares.
This will allow PotashCorp to repurchase and cancel by January 30, 2009 up to
an additional 15.68 million, or approximately 5 percent, of the company's
common shares, over and above the initial maximum of 15.82 million shares. The
company will file with the Toronto Stock Exchange (TSX) an amendment to its
previously filed notice of its intention to make normal course issuer bid
purchases in order to increase the number of common shares it may purchase.
    Through periodic open-market transactions at prevailing market prices and
the recent completion of private-agreement purchases, the repurchase and
cancellation of the previously authorized 15.82 million shares has been fully
completed.
    "We currently have an opportunity to use our strong cash flow to
re-invest in the world's best potash assets - our own company - at an
attractive price," said Bill Doyle, PotashCorp President and Chief Executive
Officer. "We believe our shares are significantly undervalued versus our
long-term potential. By buying back low-priced shares, we will strengthen our
company for the future and reward our long term shareholders."

    Potash Corporation of Saskatchewan Inc. is the world's largest fertilizer
enterprise producing the three primary plant nutrients and a leading supplier
to three distinct market categories: agriculture, with the largest capacity in
the world in potash, second largest in nitrogen and third largest in
phosphate; animal nutrition, with the world's largest capacity in phosphate
feed ingredients; and industrial chemicals, as the largest global producer of
industrial nitrogen products and the world's largest capacity for production
of purified industrial phosphoric acid.

    This release contains forward-looking statements. These statements are
based on certain factors and assumptions including foreign exchange rates,
expected growth, results of operations, performance, business prospects and
opportunities and effective income tax rates. While the company considers
these factors and assumptions to be reasonable based on information currently
available, they may prove to be incorrect. A number of factors could cause
actual results to differ materially from those in the forward-looking
statements, including, but not limited to: fluctuations in supply and demand
in fertilizer, sulfur, transportation and petrochemical markets; changes in
competitive pressures, including pricing pressures; timing and amount of
capital expenditures; risks associated with natural gas and other hedging
activities; changes in capital markets and corresponding effects on the
company's investments; changes in currency and exchange rates; unexpected
geological or environmental conditions, including water inflow; strikes and
other forms of work stoppage or slowdowns; changes in and the effects of,
government policy and regulations; and earnings, exchange rates and the
decisions of taxing authorities, all of which could affect our effective tax
rates. Additional risks and uncertainties can be found in our Form 10-K for
the fiscal year ended December 31, 2007 under captions "Forward-Looking
Statements" and "Item 1A - Risk Factors" and in our filings with the US
Securities and Exchange Commission and Canadian provincial securities
commissions. Forward-looking statements are given only as at the date of this
presentation and the company disclaims any obligation to update or revise the
forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law.

    %SEDAR: 00001608EF




For further information:

For further information: Investors, Denita Stann, Director, Investor
Relations, Phone: (847) 849-4277, Fax: (847) 849-4691, Email:
ir@potashcorp.com; Media, Rhonda Speiss, Manager, Public Relations, Phone:
(306) 933-8544, Fax: (306) 933-8844, pr@potashcorp.com; Web Site:
www.potashcorp.com


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