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Potash Corp lwr amid reports that China's Sinochem won't counter bid

Potash Corp. (POT.TO) is lower, but off a day low $146.50, 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, increasing the chances that BHP's US$130 a share offer will succeed.

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.

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