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Sinochem Bid For Potash Looks Unlikely

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farm_1 October 8, 2010 (Chinavestor) Sinochem International (SHA:600500), China's largest chemicals trader, is having a difficult time securing government financing to make a bid for Potash Corp. of Saskatchewan (NYSE:POT), the world's largest fertilizer maker, making a bid by the Chinese increasingly unlikely.

While Beijing has deemed Sinochem (SHA:600500) its bidder of choice for Potash (NYSE:POT), the Chinese government apparently wants Sinochem (SHA:600500) to find methods of financing that do not include the company approaching state-owned banks.

While Sinochem (SHA:6005000) has appeared to be the most likely potential rival to BHP Billiton (NYSE:BHP), the world's largest mining company, the Chinese firm has not been able to find partners to dance with, making a bid for Potash (NYSE:POT) almost impossible because Sinochem (SHA:600500) cannot afford the fertilizer company on its own.

Sinochem (SHA:600500) may still consider seeking a minority stake in Potash (NYSE:POT), a deal that would be easier to fund, according to Bloomberg News.

 



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