Sinochem Approaches Temasek Regarding Possible Potash Bid

Hugh Collins
Updated

China's Sinochem Corp. invited Temasek, Singapore's sovereign wealth fund, to join a consortium that may bid for Potash Corp. (POT), Reuters reported.

Temasek has not made any decision on whether to join the consortium, Reuters reported without naming its sources. It is not clear if the consortium plans to bid for Potash Corp or to buy a stake large enough to block BHP Billiton's (BHP) planned takeover.

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BHP offered $130 a share for Potash Corp, the world's largest fertilizer supplier, last month. Potash's board rejected the offer as "grossly inadequate" and has been soliciting rival bids.

Chinese officials ordered state companies to meet investment bankers to find a way to block the BHP's hostile bid.

China is eager to secure sources of potash to help feed its huge population.

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