Potash Corp sees China stake in Uralkali as 'non event'
Sept 24 (Reuters) - China's acquisition of a 12.5 percent stake in Russian potash producer Uralkali looks to be a "non-event," the chief financial officer of Canadian rival Potash Corp of Saskatchewan said on Tuesday.
China Investment Corp received the stake in a bond exchange deal, leading to speculation that it could help Beijing secure stable supplies of the soil nutrient and put new pressure on prices.
"I can't imagine there would be any associated transactions with this thing that would impair the valuation of the remaining (shares of Uralkali)," Potash Chief Financial Officer Wayne Brownlee said at the Scotiabank Agriculture and Fertilizers conference in Toronto. "It just doesn't make sense to me from a business basis, and so I think this is purely a passive investment at this stage."