Vale Not Prepping Offer For Potash

Brazil's Vale VALE, the largest iron ore maker in the world, is not preparing a bid for Potash Corp. of Saskatchewan POT, according to unidentified sources, Reuters reported. Vale, Latin America's biggest company by market cap, has been mentioned as one company that could launch a competing bid to the $39 billion BHP Billiton BHP is offering to purchase Potash. The Potash board rejected BHP's hostile offer today. Vale bolstered its fertilizer business earlier this year by acquiring Bunge's BG Brazilian fertilizer operations for $3.8 billion.