U.S. Hedge Fund Third Point Accumulating Position in Potash Corp

Third Point, Dan Loeb's US$3.3-billion hedge fund, has accumulated a position in Potash Corp. of Saskatchewan Inc. (POT.TO) in recent weeks, according to a story in the Globe and Mail newspaper that in turn cites reports of a new listing of the fund's top five holdings.

Potash clocks in at No. 4 on Third Point's top positions list, according to the fund's latest disclosure of holdings, which was reported on the Market Folly blog, the Globe and Mail says. The new position is an attempt to profit should BHP Billiton Ltd. raise its hostile US$130-a-share offer for Potash, or should a bidding war erupt, it adds.