Reuters scoops rivals with Sinochem`s withdrawal from $40 bln-plus Potash Corp bid effort
10.15.2010
Reuters scooped rivals on Oct 15 with exclusive news that Chinas state-owned chemicals giant Sinochem had abandoned its effort to launch a $40 billion-plus takeover bid for the worlds biggest potash producer, Potash Corp. Ever since Anglo-Australian miner BHP Billiton unveiled its surprise $39 billion bid for Potash, Sinochem — worried about BHP gaining too much influence over potash prices — has investigated options for a rival bid, hiring investment banks for advice and contacting possible bid partners such as Singapores Temasek. The scoop gave Reuters clients exclusive insight into a major development in 2010s biggest M&A transaction. The Reuters story sent ripples through global financial markets, with Potash Corp’s New York-listed shares closing down 1.54 percent on the news, weighing on the broader market. Reuters scoop was picked up by rival Bloomberg an hour after it hit the wire, while Dow Jones and the Financial Times also carried the Reuters story with full credit. Reuters scoop was mentioned by top Canadian newspaper The Globe and Mail, who followed with their own sources-based story hours later. The influential New York Times Dealbook column and the Australian Financial Review’s Street Talk also picked up Reuters story, in addition to other high profile blogs and news portals.
