BERLIN – Potash Corp. of Canada has withdrawn a takeover offer for salt and potash producer K+S AG that valued the German-based company at 7.85 billion euros ($8.8 billion). K+S had rejected the offer of 41 euros per share, first made at the end of May, as failing to reflect its fundamental value.
In withdrawing the proposal, Saskatoon-based PotashCorp also pointed to a significant decline in global commodity and share markets.
READ MORE: Mixed signals for Saskatchewan’s potash industry
PotashCorp president and CEO Jochen Tilk said that “in light of these market conditions and a lack of engagement by K+S management, we have concluded that continued pursuit of a combination is no longer in the best interests of our shareholders.”
K+S shares plunged in early Frankfurt trading Monday, dropping nearly 24 per cent to 23.58 euros.
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