306 lines
11 KiB
Plaintext
Executable File
306 lines
11 KiB
Plaintext
Executable File
finance
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newsbysector
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industry
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7975924
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-----
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# Russian potash producers raise price after BHP Billiton bid
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## PotashCorp's robust rejection of BHP Billiton's $40bn (£25.8bn) hostile
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bid as "grossly undervaluing" its prospects has been bolstered by an attempted
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price increase by Russian potash producers.
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By Garry White 7:07PM BST 01 Sep 2010
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[Comments][1]
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The Belarusian Potash Company (BPC), which is the export arm of producers
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Uralkali and Belaruskali, is pushing for higher prices after a failed attempt
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to raise them earlier this year.
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**BHP Billiton**
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BPC has posted new potash prices for exports to Asia and Brazil beginning in
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September, according to _FMB_, an industry publication. The new price for the
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Asian markets will be $405 a tonne and the new price for Brazil will be $410 a
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tonne , with rises starting with immediate effect, the trade magazine said.
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"Uralkali already attempted to raise prices from $380 a tonne to $410 a tonne
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in early February this year, but was unsuccessful and prices have receded,"
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says Mikhail Stiskin, an analyst at Russian broker Troika Dialog. Spot prices
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have since stabilised at $375.
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"As a result, the new price hike implies a $30 a tonne increase, or around
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8pc," Mr Stiskin said. "There is finally a piece of news that relates to the
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underlying fundamentals of the potash sector," the analyst added.
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BHP has offered $130 a share for PotashCorp and Bill Doyle, chief executive of
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the Canadian group, has been actively seeking counter bidders. The share price
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of PotashCorp has been consistently higher than the offer price. On Wednesday,
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the shares closed at $147.77.
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## Related Articles
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* [Saskatchewan government cold on Chinese Potash deal][2]
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02 Sep 2010
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* [BHP delays PotashCorp bid as Sinochem eyes counterbid][3]
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22 Sep 2010
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* [PotashCorp files BHP legal action][4]
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23 Sep 2010
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* [BHP accused of 'unethical' tactics in Potash hunt][5]
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01 Sep 2010
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* [BHP's Kloppers is in joking mood as white knights fail to answer][6]
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26 Aug 2010
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* [BHP's Kloppers sees few rivals in his bid for PotashCorp][7]
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26 Aug 2010
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Reports also suggested that Chinese trader Sinochem had appointed HSBC to
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advise it on options regarding PotashCorp.
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North American producers - PotashCorp, Mosaic and Agrium - export their
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fertiliser through a joint venture called Canpotex. BPC and Campotex together
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account for more than 60pc of global potash exports.
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China may launch a competition probe into BHP's bid for the Canadian producer,
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the _China Business News _said on Wednesday. It will also look at a potential
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Russian merger too.
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BHP also amended the terms of its offer document with the US Securities and
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Exchange Commission (SEC) which, in effect, gave the company permission to buy
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Canadian shares in the company if it so wished. Under SEC rules, hostile
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bidders cannot buy shares in the US market during an offer period.
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A spokesman for BHP said that nothing should be read into this amendment and
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it was a "formality".
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BHP shares rose 71p to £19.03.
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[Tweet][12]
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potash-producers-raise-price-after-BHP-Billiton-bid.html
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Telegraph
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## [Industry][13]
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* ### [Finance »][14]
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In finance
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][21]
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trade .][25] ][26]
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### [Lord Digby Jones: 'We must rebuild UK PLC'][26]
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Share:
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* [Tweet][12]
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![][27]
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telegraphuk
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comments powered by Disqus][29]
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