Saskatchewan minister says a possible Chinese bid for Potash not a good idea for his province

Published September 09, 2010

| Associated Press

TORONTO – TORONTO (AP) — A provincial minister says it probably isn't in the interest of Saskatchewan to support a possible bid for fertilizer-maker Potash Corp. of Saskatchewan Inc. by a Chinese state-owned company.

Saskatchewan Energy and Resources Minister Bill Boyd tells The AP that his government is concerned that a Chinese company would want to overproduce potash and drive down its price.

Chinese state-owned companies like Sinochem are reportedly interested in making a rival bid for Potash Corp. China is the world's largest potash consumer.

Australia's BHP Billiton Ltd. launched a hostile $130-a-share takeover last month after Potash directors rejected its offer as being inadequate. Potash Corp. is in talks with others.

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