Rio Unlikely to Make Potash Bid, UBS Says After CEO Meeting

Rio Tinto Group, the world’s third- largest mining company, is unlikely to make a takeover bid for Potash Corp. of Saskatchewan Inc., UBS AG said after meeting with Chief Executive Officer Tom Albanese.

“A bid or even a joint bid for Potash Corp., as alluded to in the press, is far from happening,” UBS analysts led by Olivia Ker and Glyn Lawcock said in a report dated yesterday. The company is focused on growth by expansion and acquisitions of a “small-to-moderate” size, Ker said, citing Albanese.