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The German salt, potash, and magnesium supplier K+S has rejected an $8.7 billion takeover offer from Potash Corp. of Saskatchewan. PotashCorp made the offer public on June 25. In addition to running potash mines in Germany, K+S is developing a $2 billion-plus potash project in Saskatchewan. K+S CEO Norbert Steiner says PotashCorp is trying to gain control of the project before its value is reflected in K+S’s stock price. Steiner adds that PotashCorp has made no commitments to protect his firm’s more than 14,000 employees.
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