Companies

Chinese investors approach Alberta Fund on Potash bid

(Agencies)
Updated: 2010-09-03 11:32

Chinese investors approached Alberta Investment Management Corp (AIMCo), a Canadian pension fund, to consider a joint counterbid for Potash Corp of Saskatchewan Inc, Bloomberg reported, citing the fund's chief executive officer.

Potash Corp, the largest producer of its namesake crop nutrient, is the target of a $40 billion hostile bid from Melbourne-based BHP Billiton Ltd, the world's biggest mining company.

NBS chief says to make data more credible More stories:  Potash CEO's key to success  Possible Potash pricing change worries buyers  Sinochem in race for Potash after BHP bid rejected

BHP offered $130 a share to shareholders last month but was rejected Aug 23 by Potash's board, which said it was seeking other suitors.

AIMCo wasn't interested in an offer for the fertilizer maker but was approached by intermediaries trying to broker a deal involving Canadian pension plans and Chinese investors, Leo de Bever, the fund chief, told Bloomberg.

However, De Bever declined to name the Chinese investors.

Sinochem Group, China's largest fertilizer trader, and unit Sinofert Holdings Ltd are "closely watching" BHP Billiton Ltd's $40 billion bid for Potash, China Daily reported on Aug 27.