UPDATE 1-Chile’s SQM jumps after Potash Corp rejects bid

(Adds details and SQM background)

SANTIAGO, Aug 17 (BestGrowthStock) – Chile’s fertilizer SQM
(SQMa.SN: ) (SQM_pb.SN: ) shares jumped over 6 percent on Tuesday
after Potash Corp (POT.TO: ) (POT.N: ), a key stakeholder, said its
board rejected an unsolicited $39 billion offer from miner BHP
Billiton (BHP.AX: ) (BLT.L: ).

Potash, which has a 32 percent stake in SQM, surged nearly
28 percent at 10:39 a.m. EDT (1439 GMT).

The bid reflects BHP desire to capitalize on a resurgence
in the global fertilizer industry following a collapse in
demand during the global economic slowdown. [ID:nNSGE67G0D]

Analysts said a steep recovery in the fertilizer business
and expectations of a higher counter-bid by BHP boosted views
for SQM’s asset value.

BHP said it continues to review its options and will make
a further announcement in due course.

SQM, which holds many concessions in mineral-rich Chile, is
one of the world’s top producers of iodine and lithium.

Shares in SQM are trading near seven-month intraday highs
at 21,300 pesos, but still far from the all-time record of
29,100 pesos per share seen in mid 2008.
($1= 505.30 Chilean pesos)
(Reporting by Alonso Soto and Antonio de la Jara, editing by
Gerald E. McCormick)

UPDATE 1-Chile’s SQM jumps after Potash Corp rejects bid