The Chinese government has backed Sinochem, the state-owned chemicals giant, to pursue a counterbid that could trump BHP Billiton’s $39bn hostile offer for PotashCorp in a sign of Beijing’s interest in securing global resources.
Sinochem, Aluminum Corp of China, and other Chinese state resource companies initially shunned bankers pitching counterbid ideas for the Canadian fertiliser company, a person familiar with the matter told the Financial Times.
But the government has encouraged Sinochem to “take an interest” in PotashCorp, according to the person. Only after a signal from the government did the state-owned company begin to entertain bankers’ proposals.
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