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BHP's offer for Potash watched
By Richard Fu |
September 16, 2010, Thursday
|
Print Edition
Print Edition
CHINA is closely watching BHP Billiton's hostile takeover bid for Canadian fertilizer producer Potash Corp as the deal will impact China, a government official said yesterday.
China is the world's biggest consumer of potash, which is used in fertilizers to boost crop yields, and BHP's hostile bid, if successful, will give the Australian-based mining giant more control over another key commodity.
"Potash is a critical factor in every country's agricultural production," Ministry of Commerce spokesman Yao Jian said in China's first official comment on the issue. "This is attracting worldwide attention, including in China."
Potash Corp rebuffed BHP's US$39 billion hostile offer last month and said it was on the lookout for other suitors.
Several Chinese companies, notably state-owned fertilizer trader Sinochem, are reported to be interested in making a counteroffer.
China is the world's biggest consumer of potash, which is used in fertilizers to boost crop yields, and BHP's hostile bid, if successful, will give the Australian-based mining giant more control over another key commodity.
"Potash is a critical factor in every country's agricultural production," Ministry of Commerce spokesman Yao Jian said in China's first official comment on the issue. "This is attracting worldwide attention, including in China."
Potash Corp rebuffed BHP's US$39 billion hostile offer last month and said it was on the lookout for other suitors.
Several Chinese companies, notably state-owned fertilizer trader Sinochem, are reported to be interested in making a counteroffer.
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