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Sovereign Wealth Funds Briefing - Categorized | Financials, Market

Chinese bid for Potash Corp. would cut revenues, BHP warns

Posted on 22 September 2010

From Theglobeandmail.com: The head of BHP Billiton is warning Canada that a Chinese-led rival bid to his company’s $38.6-billion (U.S.) hostile takeover offer for Potash Corp. would reduce government revenue by giving too much pricing influence to a major customer of the coveted crop nutrient. China Investment Corp. (CIC) paid $817-million (Canadian) earlier this year for a 45-per-cent stake in an Alberta oil sands project.
Marius Kloppers, the chief executive officer of Australia’s BHP, said that because China is among the world’s largest consumers of potash, any Chinese state-owned enterprise allowed to purchase a major stake in Potash Corp. would seek to drive down the price of the commodity……………………………………….Full Article: Source


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