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That said, CEO Marius Kloppers insisted he was unconcerned by the possibility of a rival bid emerging for the world's No.1 fertilizer producer, even as more reports surfaced pointing to China's keen interest in derailing BHP's quest.

Instead, BHP remains squarely focused on garnering the political support and regulatory clearance needed for its bid to fly in Canada and elsewhere, Kloppers said.

Asked by Canada's Business News Network if BHP would walk away from its $130-a-share offer if the bidding became too rich, Kloppers responded: "Absolutely."

"If somebody offers a price at which we cannot demonstrate value for our shareholders, we're probably not going to show, and I think that continues to be the case," Kloppers said.

Kloppers, in a separate interview with Canada's Globe and Mail newspaper, said BHP was sticking with its plan to drop out of the Canpotex potash marketing cartel -- effectively triggering its demise - if its bid succeeds.

The BHP chief spent the day in Toronto, Canada's financial hub, aiming to drum up support for its bid, mostly behind closed doors.

Seeking to allay concerns that its strategy would hurt Potash's home province of Saskatchewan, Kloppers said all low-cost producers there would benefit from market-based pricing. That in turn would generate more revenue for the province, not less, he said.

Still, BHP would not move quickly to dismantle the organization, sources working closely on the deal told Reuters.

"There are lot of things that Canpotex does that involved shared logistics, which BHP thinks are very important for the competitiveness of Saskatchewan," said one of the sources. "Not only would BHP not want to do anything that would risk this, it would want to look at ways to protect it more."

BHP would like to transition Canpotex into an infrastructure-sharing club, a gradual process that could take years, said the sources, who were not authorized to speak on the record.

Potash Corp, based in Saskatoon, Saskatchewan, has already rejected BHP's offer as being too low, and media reports have suggested that rival offers, perhaps led by a Chinese entities, could materialize.

The company's shares on Tuesday fell 95 cents to close at $147.52 in New York but the stock is trading well above the $130 offer price, suggesting investors anticipate a richer offer will eventually emerge.

CANPOTEX HURDLE

Rather than being worried about the possibility of other offers, Kloppers said BHP is currently focused on clearing regulatory hurdles in both Canada and the United States.