Sinochem Emerging as Likeliest to counter offer: report
Sinochem Group, China's largest fertilizer trader, has emerged as the likeliest bidder to rival BHP Billiton Ltd.'s US$40 billion offer for Potash Corp. of Saskatchewan Inc. (POT.TO), according to a Bloomberg report that cites three people familiar with the matter.
The Bloomberg report says Chinese authorities chose Sinochem as the country's potential bidder and are allowing the Beijing-based company to begin piecing together an offer that would likely involve taking a majority stake in Potash Corp., the people said. Sinochem would prefer to involve Canadian pension funds or other Canadian investors to create more support for an offer, said the people, who asked to remain anonymous because the talks are private.
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