Potash Corp hires banks to explore sale of SQM stake: La Tercera

The Cory Potash Corp mine site west of Saskatoon is pictured on November 3, 2010. REUTERS/David Stobbe

SANTIAGO (Reuters) - Potash Corporation Of Saskatchewan Inc has hired Goldman Sachs and BofA Merrill Lynch to explore selling its 32 percent stake in Chile's Sociedad Quimica Y Minera (SQM) SQM_pb.SN, Chilean paper La Tercera reported on Saturday.

Considering a stake sale comes as Potash Corp moves to merge with fellow fertilizer company Agrium Inc, La Tercera reported, without naming sources.

Potash Corp and SQM, one of the world’s biggest lithium producers, did not immediately respond to request for comment.

Agrium and Potash Corp said on Sept. 7 they were told by regulators in India and China that they need to divest Potash’s offshore interests for their merger to be approved.

Reporting by Antonio de la Jara and Caroline Stauffer