InfoAnda - China's Sinochem asks government to back Potash bid

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China's Sinochem asks government to back Potash bid AFP - Monday, September 20 Send IM Story Print China's Sinochem asks government to back Potash bid BEIJING (AFP) - – China's state-owned Sinochem Group has asked the government to back a potential bid for Canada's Potash Corp, the world's largest fertiliser maker, local media reported Sunday. "Sinochem has submitted written material to relevant agencies in the government saying that potash (used to make fertiliser) is key to national food security, and hoping it can get support," the Economic Observer reported. Potash is currently at the receiving end of a 40-billion-dollar hostile bid from mining giant BHP Billiton, which it rejected last month. China -- a big importer of potash -- has been uneasy about the BHP bid, as it already relies on the Anglo-Australian mining group for the import of a lot of its iron ore. Citing sources close to the situation, the paper said Sinochem had already made a preliminary evaluation of a potential bid, which had revealed the group would need 40 to 60 billion dollars to rival BHP in its offer. It added that the group -- China's top fertiliser maker -- did not have sufficient funds to make the bid on its own, and would need to team up with another firm. According to the sources, Sinochem has been in touch with Singapore's sovereign wealth fund Temasek concerning a potential bid, but nothing has yet been decided. Recommend Send IM Story Print Related Articles China a beacon for foreign clean tech firms AFP - 32 minutes ago U.S. bailout cop expands staff as TARP expires Reuters - 44 minutes ago Indonesian companies cash in on boom times AFP - 54 minutes ago China central bank adviser says no to yuan pressure: report AFP - 1 hour 51 minutes ago US-BUSINESS Summary Reuters - 2 hours 1 minute ago News Search Top Stories BP's disastrous broken well in Gulf of Mexico is 'dead' Cancer: New gene clues point to women's 'silent killers' Germany's HRE bank defends millions in bonus payments Boxer Hatton denies cocaine problem Sunderland deny Arsenal win in Premier League More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Lindsay Lohan fails drug test, faces jail again Samsung takes aim at Apple's iPad, iTunes Sunderland deny Arsenal win in Premier League Wall Street ends week up, awaits Fed meeting New rules to force German banks to raise 50 bln: report More Most Viewed » Climate: New study slashes estimate of icecap loss US pastor puts Koran-burning on hold 'Time bomb' superbug requires global response: doctor Japanese rider Tomizawa dies in San Marino Moto2 GP Vitamin B 'could delay Alzheimer's onset' More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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