The bid from Australian resources giant BHP Billiton bid for Potash Corp of Canada is being supported by major world banks. Out of BHP Billiton's US $45 billion syndicated note facilities for the Potash bid, 16% have been picked up by major Australian banks.
Speculation over who is likely to make a bid for PotashCorp is growing with bids from Rio Tinto and a Chinese partner being considered as likely candidates.
Brazil's Vale, the second-largest mining company in the world, had been seen as a possible saviour for PotashCorp but on Monday Vale denied that it was in talks to acquire the Canadian fertilizer company.
The bid made by BHP Billiton for Potash Corp. has put mergers and acquisitions back on the mining agenda. The fertilizer industry is set for substantial growth in the coming years and the mining giants around the world are making deals to benefit from this expected boom.
The global mining giant, BHP Billiton is keen on developing potash projects in Western Canada into a world class resources.