Potash seeks white knight to counter BHP bid

Canada's Potash Corp. of Saskatchewan Inc. is considering alliances with global companies that could put together a competing offer to Anglo-Australian miner BHP Billiton's hostile $38.6 billion bid for the fertilizer giant, according to a report Friday.

Sovereign wealth funds, Chinese banks and other national financial institutions could fund a global consortium to make a counter-offer to keep Potash out of BHP's hands, The Wall Street Journal reported, citing people familiar with the matter.

BHP took its $130-a-share offer to Potash shareholders after the Canadian firm's board of directors rejected the offer, saying it "grossly undervalued" the world's largest fertilizer company.

"We are not opposed to a sale, we are opposed to a steal of the company," said Potash Chief Executive Bill Doyle, according to the Journal report.

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- Posted: 2010-08-19 21:54:23

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