German Minister Backs K+S’s Potash Bid Rejection – Mining Life

Jul 7, 2015

A German regional minister gave his backing to potash miner K+S’s rejection of an $8.8 billion-euro takeover bid by Canada’s Potash Corp of Saskatchewan, saying K+S should remain a German company.

Tarek Al-Wazir, minister of economy in K+S’s home state of Hesse, said on Saturday he would support K+S’s efforts to make sure regional jobs and value creation were not lost.

K+S has rejected a proposed bid by Potash of 41 euros per share, saying it was too low and warning its suitor could be planning to dismantle or shrink the salt and fertiliser company.

Al-Wazir said in a statement emailed by K+S: “We will continue to make efforts to ensure that K+S has a successful future in our state and we stand by K+S’s side.”

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