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Call for tenders the Canada PotashCorp BHP has worried investors if soon after the piece failed for Rio Tinto

PotashCorp, bankers giant Canadian chemicals under siege, working on a potential rupture plane to repel the. 6bn $38 (Institute for ￡ 24) mining company BHP Billiton bid.

Strategy would be a massive dividend of up to $70 per share paid to investors the potential sale of its nitrogen and phosphorus actifs.Il also includes increasing debt pile of potash to $6bn.

Plan is among several strategies basic Potash - list databases includes RBC markets for capital, Goldman Sachs and Bank of America Merrill Lynch - works on to the advance expires November 18 from $130-a-share bid BHP.

The company is also in negotiations with a consortium of Canadian in a blocking stake in the business of 10-30pc pension funds.

With players such as the body of retired teachers of Ontario and OMERS, the negotiations are also thought that involve mining companies and colleagues of Canpotex - agreement that controls the price of potash outside the Nord.De America such attempts are receiving strong support from the Canadian Government support.

BHP initiated say fear that Potash could convince a Chinese company to make a standalone counter bid or to one side of a group of Canadian pension funds have reduced these days.

However, such an approach cannot be ruled out and still has the strongest threat ambitions from the BHP.This is the reason for which most powerful potash share jumped-$146, with funds hedge arbitration - representing today more 10pc registry share - piles stock and based on the price.

Potash also takes action against BHP, which is headed by a Director ambitious Marius Kloppers, an action which BHP has already attempted to have rejected.

Another avenue explored by BHP is a series of interviews with nearest potash on assignments of asset majeur.Il competitors comes to fellow Canadian Agrium, Norwegian company Yara, mosaic - a subsidiary of U.S. food giant Cargill - and little-known Russian players Silvinit and Uralkali sold its entreprise.Selon non-potasse parts sources, this could raise between $ 40 to $ 50 per share.

Potash assets include plants of nitrogen and phosphates potasse.Potasse mining is by far the most effective and most expensive of all fertilisers and on profits from operations of nitrogen and phosphates, purchased potasse.Ses 70pc in 1996, achieve margins much faibles.Cependant enterprises of nitrogen and phosphate are global numbers three players making them popular goods to their competitors.

Currently, nitrogen and phosphate eight to nine times Ebitda (earnings before tax depreciation and amortization) .Sources trade producers indicate a so-called company potash "pure play" could trade in 12 times EBITDA as demand soars and potash price returns to the heights of $1,000 per tonne seen there are three ans.Il is currently trades at $350 per tonne.

An issue is the size of the assets of potash, nitrogen are estimated to be worth up to $represents and phosphate operations another $represents.

Potash is believed to be able to add a further $4 - 6bn of debt to its debt $3 stack modest existing and remain in "harsh financial health".the ' gearing increased is supposed to be evaluated at between $15-20 $ per action.Dans part of this plan, shareholders may receive a dividend in cash of $70 per share, while retaining their actions in a "more highly targeted and cost-effective Potash Company" source.

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