REGINA - Saskatchewan Premier Brad Wall says Ottawa's decision on a proposed takeover of PotashCorp shows Canada can protect its natural resources when it needs to.

Wall says he's thankful the federal government has rejected a nearly US$40-billion takeover bid by BHP Billiton.

Industry Minister Tony Clement says the blockbuster transaction would not be a "net benefit" to Canada under the Investment Canada Act.

Wall campaigned hard against the deal, rallying the Saskatchewan people and other provinces to his cause.

Wall says the takeover, which would have been the largest in Canadian history, is not the same as other deals because potash is a strategic resource for Canada.

Clement gave the company another month to change its bid, but the Anglo-Australian mining giant could just walk away from the offer.