BHP woos Potash shareholders

Shareholders of Potash Corporation are the subject of a charm offensive by BHP Billiton’s boss this week.

He is in North America explaining why they should accept BHP’s hostile bid for the fertiliser giant.

The words they want to hear are “we’re going to offer more money” – but Chief Executive Marius Kloppers has hinted a higher offer will have to wait until BHP receives regulatory approval for its plans, which is expected to take up to two months.

For now other potential bidders remain on the sidelines.

China’s largest fertiliser distributor, Sinofert said it was worried the deal would have a big impact.

Sinofert is 22 percent owned by Potash.

Sinofert’s Chief Executive Feng Zhibin said they are “closely watching Potash” but he would not be drawn on whether its parent, state-owned chemicals giant Sinochem Group, plans a rival offer.

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