LONDON, Oct 10 (Reuters) - Canada's Ontario Teachers' Pension Plan is plotting a bid to spoil BHP Billiton's $39 billion hostile offer for Potash Corp, British newspaper The Sunday Times said.
The newspaper said the pension fund was talking to Temasek, Singapore's sovereign wealth fund, about launching a rival offer. The report said the two also had an industrial partner, thought to be Teck Resources, a Canadian mining group.
The discussions are at an early stage but the two funds are considering an outright takeover or buying a minority stake at a higher price than that offered by BHP.
Potash Corp, the worlds top fertilizer maker, has flatly rejected BHP's $130-a-share bid. Sinochem, the state-owned Chinese chemical group, is also viewed as likely to lead a competing group.
British papers The Times and The Sunday Telegraph also said Potash was considering defensive moves, which could include a break-up of the business to fend off BHP.
Both newspapers said one move Potash could make is to sell its nitrogen and phosphorus operations and return up to $70 a share to its shareholders.
The Telegraph said Potash was talking to groups such as OTPP and others, which had received strong support from the Canadian government.
No one from the London offices of the Ontario Teachers' Pension Plan was immediately available to comment. A spokeswoman for Potash declined to comment on the reports.
(Reporting by Kate Holton; Editing by Greg Mahlich) Keywords: POTASH OTPP/ (kate.holton@reuters.com; +44 207 542 8560; Reuters Messaging:kate.holton.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The newspaper said the pension fund was talking to Temasek, Singapore's sovereign wealth fund, about launching a rival offer. The report said the two also had an industrial partner, thought to be Teck Resources, a Canadian mining group.
The discussions are at an early stage but the two funds are considering an outright takeover or buying a minority stake at a higher price than that offered by BHP.
Potash Corp, the worlds top fertilizer maker, has flatly rejected BHP's $130-a-share bid. Sinochem, the state-owned Chinese chemical group, is also viewed as likely to lead a competing group.
British papers The Times and The Sunday Telegraph also said Potash was considering defensive moves, which could include a break-up of the business to fend off BHP.
Both newspapers said one move Potash could make is to sell its nitrogen and phosphorus operations and return up to $70 a share to its shareholders.
The Telegraph said Potash was talking to groups such as OTPP and others, which had received strong support from the Canadian government.
No one from the London offices of the Ontario Teachers' Pension Plan was immediately available to comment. A spokeswoman for Potash declined to comment on the reports.
(Reporting by Kate Holton; Editing by Greg Mahlich) Keywords: POTASH OTPP/ (kate.holton@reuters.com; +44 207 542 8560; Reuters Messaging:kate.holton.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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