The world's largest fertilizer company seeks alliances with national financial institutions in order to shake off BHP Billiton from its hostile bid. Potash Corporation is even considering Chinese Banks.

Analysts are looking at a number of defenses that the Canadian fertilizer giant can put up against the $38.6 billion bid of the Australian mining company. Difficulty in finding a single buyer would force Potash to rely on a global consortium, formed and backed up by funding from multinationals, to make a counter offer.

A second option could be a joint venture on a portion of Potash's production. The move would set a value for the company that is greater than the hostile bid.

An option that could be considered when the global consortium does not materialize is borrowings. Analysts said the Saskatchewan-based company could borrow cash and return it to shareholders, or use the funds to gain stakes in companies such as Chile's SQM and Israel Chemicals Ltd. The debt could even be reflected on the balance sheet just to make a more expensive deal for BHP.

BHP presented its $US130-a-share offer directly to Potash shareholders on Wednesday. The Canadian company refused its initial August 12 offer and disclosed to the public that the BHP bid “grossly undervalued” the company.