Potash Corp likely to come under selling pressure on reports China's Sinochem won't bid

Potash Corp. (POT.TO) is likely to come under selling pressure today amid reports that China's Sinochem Corp has abandoned efforts to make a rival offer to BHP Billiton Plc's US$39 billion bid for the Canadian fertilizer maker.

The Chinese state-owned chemicals group was not expected to formalize its decision but three sources reportedly told Reuters on Friday it had given up on efforts to put together a consortium to thwart BHP's hostile offer.

"It's finished," one of the sources reportedly said. Another source reportedly said the idea of Sinochem forming a counterbid had faltered in recent weeks.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.