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Canadian Teachers to Potash Corp's Rescue

After the unsuccessful attempt by a Chinese company to become Potash Corp's saviour from a hostile takeover, some teachers may be able to save it from Australian mining giant BHP Billiton.

One of Canada's biggest pension funds, the Ontario Teachers' Pension Plan is in talks with Singapore's sovereign wealth fund, Temasek about launching a rival offer for Potash Corp.

This comes on the heels of Sinichem, the Chinese state owned oil and chemical group not being able to muster enough support for its bid. The fund has brought on board an industrial partner which many believe is the Canadian mining giant Teck Resources. Discussions are on about whether it is considering an outright takeover or buying a minority stake at a higher price than BHP Billiton's offer.

The $41 billion hostile bid by BHP Billiton for the Saskatchewan Potash Corp appeared to be more likely until the fresh hurdle of a possible rival bid popped up. BHP is already embroiled in a law suit with Potash Corp over allegedly misinformation in an order to push down the share price of Potash Corp.

Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.


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