Rio Tinto, Chinese Partner May Make Bid For Potash

Mining giant Rio Tinto RTP may team with a Chinese partner, possibly Sinochem, to launch a competing bid for Potash Corp. of Saskatchewan POT. The largest North American maker of potash fertilizer rejected a $39 billion hostile offer from BHP Billiton BHP, the world's largest mining company. Rio Tinto has been mentioned as one of the few firms that could launch a rival offer to BHP's bid for Potash. Canada's Globe and Mail newspaper reported that Sincohem, China's largest chemicals trader, or Cnooc CEO, China's largest offshore oil driller, could be among the companies Rio could team with. "Rio Tinto is said to be considering a bid alongside a Chinese player," the paper reported.