Potash's Imaginary White Knight?

There no doubt that Potashof Saskatchewan and its bankers have done quite a good job of creating the possibility of there being a bid to rival that of BHP Billiton and using that possibility to keep Potash’s stock well above the $130 bid from BHP.

But it remains far from clear whether that possibility will ever become a reality. Yes, there are plenty of reasons the Chinese may be interested, but that doesn’t mean they are going to actually mount a bid.

And I have taken note of the fact that a number of prominent banks who are not signed on to any side in the deal have not yet cozied up to the rumored partnerships that keep getting floated as potential suitors for Potash .

Expect more talking and more stories, but the chance of a true competing bid still has to be thought of as a long shot. The real question is how much BHP will raise its current bid to win the day.

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