PotashCorp Drops Bid For K+S

Potash Corp. of Saskatchewan has withdrawn its $8.7 billion unsolicited offer to buy K+S, the German potash and salt maker. K+S CEO Norbert Steiner argued that the bid, made public at the end of June, didn’t offer full value for K+S assets, which include a $2 billion potash mine under construction in Saskatchewan. The bid also didn’t protect the firm’s 14,000 workers, he said. For his part, PotashCorp CEO Jochen Tilk said a recent drop in the prices of potash and potash company stock led the firm to reassess its bid. Those conditions, along with “a lack of engagement by K+S management,” meant pursuit of a deal no longer made sense, he said.