China Sinochem may form consortium to bid on PotashCorp - sources

07 September 2010 17:20  [Source: ICIS news]

HOUSTON (ICIS)--China's state-owned chemical group Sinochem has contacted Singapore-based investment house Temasek about forming a consortium that could bid for PotashCorp, sources said on Tuesday.

China, through its Sinochem and Sinofert groups, is the world’s largest importer of potash and the Chinese government is concerned about the fate of its largest supplier, PotashCorp, sources said.

Sinochem is investigating making a competing bid to BHP Billiton’s $39bn (€30.4bn) takeover offer or purchasing a stake in PotashCorp large enough to effectively block the BHP offer.

Temasek Holdings is an Asia investment house that manages a portfolio valued at $134bn and is focused primarily in Asia and Singapore. Its major investment client is the government of Singapore.

Temasek signalled to news sources on Tuesday it had not decided on whether it would join China, and possibly others, in a bid to counter the BHP offer.

($1 = €0.78)

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By: Frank Zaworski
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