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Potash working on China-led buyout to top BHP-paper

Published 09/16/2010, 02:56 AM
Updated 09/16/2010, 03:04 AM

MELBOURNE, Sept 16 (Reuters) - Potash Corp is trying to put together a consortium led by China to back a management buyout to trump BHP Billiton's $38.6 billion hostile offer, the Globe and Mail reported on its web site on Thursday.

Citing unnamed sources, the report said the bid being considered would include a big element of capital from a Chinese resource company or investment fund, with smaller contributions from international sovereign wealth funds and possibly Canadian players such as pension funds.

It also said rival potash producer Mosaic Co could be part of the consortium. (Reporting by Sonali Paul; Editing by Ed Davies)

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