Canadian fertilizer firm Potash Corp of Saskatchewan (POT) is in the middle of a rash of takeover-related news this morning. First, Britain's Sunday Telegraph reports that Potash is working on a break-up plan in hopes of stopping BHP Billiton's (BHP) takeover bid. According to the report, Potash would sell its nitrogen and phosphorous assets, pay a $70 per share dividend, and increase its debt pile.

In addition to the weekend's news, The Globe and Mail reported Friday that Chinese firm Sinochem has approached the National Mineral Development Corporation (NMDC) about a joint bid for Potash. Sinochem is making the pitch for a joint bid because it may believe that an individual bid would be shot down by Canada's political powers.