BHP BILLITON’S efforts to take over Potash Corp endured another twist yesterday, as rival bidder Sinochem struggled to find partners for a counterbid while a Canadian report on BHP’s suitability as a bidder was delayed.
Chinese firm Sinochem has failed to team up with Russian fertiliser group UralKali, according to reports last night, leaving it struggling to find the cash to fund an offer.
Potash chief executive Bill Doyle has talked up the possibility of a counterbid to BHP since the FTSE giant launched a $39bn hostile takeover six weeks ago.
Meanwhile, the Conference Board of Canada said it will not report its findings on the BHP bid until at least next week. The study has looked at the impact of the takeover and considers what conditions Canada can impose to ensure it benefits the country.