15.09.2010 • News

Sinochem Executive Says to Shun Potash Bid and Eye Other Assets

A Sinochem bid for Potash would not be a good deal for the Chinese firm, but it may consider other assets of the world's biggest fertiliser maker, a senior Sinochem executive was quoted by local media as saying.

Han Gensheng, a vice president with Sinochem who is in charge of the group's overseas deals, was quoted in the latest edition of Caijing as saying that even a bid of $10 billion would be too large for Sinochem, the state-owned parent of China's largest fertiliser distributor, Sinofert.

Last month, BHP launched a $39 billion hostile bid for Potash, which has called the $130 per share bid "grossly inadequate". Han added that Sinochem may bid for other assets of Potash, including the nitrogen and phosphorus assets.

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