Chinese approach pension fund over Potash bid

Chinese investors have approached a Canadian pension fund about a possible rival bid for the fertiliser giant Potash Corporation.

Alberta Investment Management said it was not interested in a rival bid and did not name the investors involved.

But the approach provides further evidence that the Chinese are trying to derail a $40bn (£25.8bn) hostile takeover bid for Potash from Anglo-Australian mining giant BHP Billiton.

Potash is mined and used for fertiliser production and China is seeking to ensure that it can secure the resource at the right price.