Potash Makes Non-Hostile Bid for K+S
29 Jun 2015 --- German potash supplier K+S AG, Europe’s largest supplier of potash, has confirmed that it has received a non-hostile offer from Canadian fertilizer producer Potash Corp. of Saskatchewan Inc. Shares in the company rocketed following the announcement, which K+S is predicted to reject.
K+S is still evaluating the offer of more than 40 euros a share and no final decision has been made, said the people, who asked not to be identified because the talks are private.
Potash Corp. said it made a “friendly” takeover proposal and there’s no certainty it will make a firm offer. German newspaper Handelsblatt was first to report Potash Corp.’s interest.
Buying K+S would give Potash Corp. a greater presence in Europe through the German company’s potash and salt mines. It would also give the Saskatoon, Saskatchewan-based company control of the new Legacy potash project in Canada, which is scheduled to start production in the middle of next year and reach 2 million metric tons of capacity by the end of 2017.
