2013-04-16 10:05:26 +02:00

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finance
newsbysector
industry
7975924
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# Russian potash producers raise price after BHP Billiton bid
## PotashCorp's robust rejection of BHP Billiton's $40bn (£25.8bn) hostile
bid as "grossly undervaluing" its prospects has been bolstered by an attempted
price increase by Russian potash producers.
By Garry White 7:07PM BST 01 Sep 2010
[Comments][1]
The Belarusian Potash Company (BPC), which is the export arm of producers
Uralkali and Belaruskali, is pushing for higher prices after a failed attempt
to raise them earlier this year.
**BHP Billiton**
BPC has posted new potash prices for exports to Asia and Brazil beginning in
September, according to _FMB_, an industry publication. The new price for the
Asian markets will be $405 a tonne and the new price for Brazil will be $410 a
tonne , with rises starting with immediate effect, the trade magazine said.
"Uralkali already attempted to raise prices from $380 a tonne to $410 a tonne
in early February this year, but was unsuccessful and prices have receded,"
says Mikhail Stiskin, an analyst at Russian broker Troika Dialog. Spot prices
have since stabilised at $375.
"As a result, the new price hike implies a $30 a tonne increase, or around
8pc," Mr Stiskin said. "There is finally a piece of news that relates to the
underlying fundamentals of the potash sector," the analyst added.
BHP has offered $130 a share for PotashCorp and Bill Doyle, chief executive of
the Canadian group, has been actively seeking counter bidders. The share price
of PotashCorp has been consistently higher than the offer price. On Wednesday,
the shares closed at $147.77.
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Reports also suggested that Chinese trader Sinochem had appointed HSBC to
advise it on options regarding PotashCorp.
North American producers - PotashCorp, Mosaic and Agrium - export their
fertiliser through a joint venture called Canpotex. BPC and Campotex together
account for more than 60pc of global potash exports.
China may launch a competition probe into BHP's bid for the Canadian producer,
the _China Business News _said on Wednesday. It will also look at a potential
Russian merger too.
BHP also amended the terms of its offer document with the US Securities and
Exchange Commission (SEC) which, in effect, gave the company permission to buy
Canadian shares in the company if it so wished. Under SEC rules, hostile
bidders cannot buy shares in the US market during an offer period.
A spokesman for BHP said that nothing should be read into this amendment and
it was a "formality".
BHP shares rose 71p to £19.03.
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