BERLIN: German-based salt and potash producer K+S AG is rejecting a takeover offer from Potash Corp. of Canada, saying it fails to reflect the company’s fundamental value.
Potash said June 25 it had proposed takeover negotiations. K+S said its board and directors on Thursday rejected an offer for all its outstanding shares of 41 euros ($45.54) per share, which would value the company at 7.85 billion euros.
It said in a statement that “the proposed transaction does not reflect the fundamental value of K+S and is not in the best interest of the company.” CEO Norbert Steiner added that Potash “made no firm commitments to protect the interests” of his company’s more than 14,000 employees.
K+S shares were down 2 percent in Frankfurt at 37.03 euros after the company’s announcement.
