MELBOURNE, Nov 11 （Reuters） - Anglo-Australian miner BHP Billiton's （BHP.AX） （BLT.L） boss is likely to face calls next week for a massive share buyback when he confronts shareholders in Australia after his third straight failure to pull off a major acquisition.
Chief Executive Marius Kloppers' latest deal, a $39 billion bid for Potash Corp （POT.TO）, appears headed for the scrap heap, after Canada all but vetoed it, leaving investors focused on the company's $12.5 billion warchest of cash and what to do with it.
Kloppers is not expected to pronounce the Potash Corp （POT.N） bid dead when he addresses the group's annual meeting in Perth on Tuesday -- he has until Dec. 3 to try and change Ottawa's mind -- but investors have already written off any hope of a deal.
"It's all over," said James Bruce, portfolio manager at Perpetual, which owns BHP shares and opposes the Potash Corp bid.
BHP Billiton's hostile offer is due to expire on Nov. 18. Even if it opts to extend the offer, some investors do not believe the miner can persuade Canada to reverse its opposition and some major shareholders would prefer the bid to lapse.
"I'd like to see them scrap it. It would just clear the air," said a partner at a fund manager that has a stake in BHP.
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