Sinochem working on ways to stall BHP
By Sonali Paul and Euan Rocha |
October 1, 2010, Friday
|
Print Edition
Print Edition
SINOCHEM, China's top chemicals firm, is working hard to come up with a challenge to BHP Billiton's US$39 billion bid for Potash Corp, sources said, but efforts to secure a Russian partner have failed, according to a report.
Sinochem has a team of about 20 working overtime to come up with options to stall BHP's bid, and was looking to make a decision soon, sources close to the Chinese firm said.
The Financial Times reported Sinochem held failed talks with Russian fertiliser maker Uralkali over a possible joint bid for Canadian group Potash, the world's top fertiliser maker.
Sinochem spokesman Li Qiang declined to comment on the report or on efforts to thwart BHP, the world's biggest mining group. "As the matter progresses, we will make our comment in due time, when we see appropriate. Now is not the time."
Uralkali also declined to comment. Analysts expect Uralkali to merge with rival Silvinit to create the world's second-biggest potash producer after Potash.
While some bankers speculated Sinochem did not need to rush into making a move after BHP extended its bid deadline to November 18, sources close to the firm said a decision could come soon.
China's main worry is that a BHP takeover of Potash could push up the price of potash, a nutrient essential for boosting grain production to meet booming food needs.
BHP is sitting tight while it tries to win regulatory approval in Canada.
Sinochem has a team of about 20 working overtime to come up with options to stall BHP's bid, and was looking to make a decision soon, sources close to the Chinese firm said.
The Financial Times reported Sinochem held failed talks with Russian fertiliser maker Uralkali over a possible joint bid for Canadian group Potash, the world's top fertiliser maker.
Sinochem spokesman Li Qiang declined to comment on the report or on efforts to thwart BHP, the world's biggest mining group. "As the matter progresses, we will make our comment in due time, when we see appropriate. Now is not the time."
Uralkali also declined to comment. Analysts expect Uralkali to merge with rival Silvinit to create the world's second-biggest potash producer after Potash.
While some bankers speculated Sinochem did not need to rush into making a move after BHP extended its bid deadline to November 18, sources close to the firm said a decision could come soon.
China's main worry is that a BHP takeover of Potash could push up the price of potash, a nutrient essential for boosting grain production to meet booming food needs.
BHP is sitting tight while it tries to win regulatory approval in Canada.
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