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Shares in Potash Corp and Agrium rise on bid rumors

Last updated: 10:39 30 Aug 2016 EDT, First published: 05:39 30 Aug 2016 EDT

Potash heap
Potash is used to make fertilizer for crops

Shares in Canada’s Potash Corporation of Saskatchewan Inc (NYSE:POT) and Agrium Inc (TSE:AGU) were flying on Tuesday amid market rumours of a tie-up.

Potash Corp’s stock lifted US$1.96, or 12.21%, to US$18.01 and Agrium’s shares were C$8.29, or 7.1%, ahead at C$124.82 after the talk emerged in media reports and on Twitter.

Calgary-based Agrium supplies farming products and services in North America, South America and Australia.

Global miner BHP Billiton plc (LON:BLT) made a US$40bn bid for Potash Corp in 2010 but Canadian regulators blocked it.

Chatter emerged on the internet last month that BHP could revive its bid to cash in on rising demand for fertilizer to help feed a growing global population.

The potential Agrium interest is said to have come amid falling prices and a decline in spending by farmers, putting pressure on suppliers to merge.

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