JPMorgan Chase & Co. and nine other banks may lose an estimated $120 million in advisory fees should BHP Billiton Ltd.'s $40 billion hostile bid for Potash Corp. of Saskatchewan Inc. fail.

The Canadian government on Wednesday blocked BHP's offer, saying it didn't provide the country a "net benefit." The banks would earn as much as $140 million in advisory fees if the deal is successful and as little as $20 million if it fails, according to estimates by the research firm Freeman Consulting.

JPMorgan Chase, Toronto-Dominion Bank, Banco Santander SA, Barclays PLC, BNP Paribas SA, Royal Bank of Scotland Group PLC and Canadian Imperial Bank of Commerce are BHP's advisers on the deal, according to data compiled by Bloomberg News. Potash Corp. is advised by Bank of America Corp., Goldman Sachs Group Inc. and Royal Bank of Canada.

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