Sinochem Hires Citi, Deutsche Bank To Evaluate Potash Bid

China's Sinochem, that country's largest chemicals trader, has reportedly hired Citigroup C and Deutsche Bank DB to help it explore a bid for Potash Corp. of Saskatchewan POT. Speculation has intensified in recent days that Sinochem would make a competing bid to BHP Billiton's BHP $38.6 billion hostile offer for Potash, the world's largest fertilizer producer. On Sunday, press reports said Sinochem was looking to the Chinese government for financial support because the company cannot afford to move on Potash alone. BHP Chief Executive Marius Kloppers said he was unconcerned by the possibility of a rival bid emerging for the Potash, and said the miner would rather drop its bid than raise the offer to a level that exceeded good value for its shareholders, according to Reuters. Citigroup and Deutsche Bank did comment on the news. Sources close to the talks say that Sinochem still has not decided to make a formal offer for Potash.