Sinochem seeks Temasek help for rival Potash bid

SINOCHEM, China’s state-owned trading company, has approached Temasek to join a consortium of firms looking to rival BHP Billiton’s bid for Canada’s PotashCorp.

The move by Sinochem comes after Chinese authorities demanded state companies meet with investment bankers to look at ways to block BHP’s $39bn (£25.4bn) move for PotashCorp.

Bill Doyle, PotashCorp chief executive, said yesterday that a number of third parties were interested in buying the fertilising giant.

“There is a wide universe of potentially interested parties and we believe BHP will not be the only bidder,” said Doyle.

BHP has recently come under immense pressure to sweeten its $130-a-share bid for PotashCorp, which has been called “grossly inadequate”.