K+S Aktiengesellschaft and Remex GmbH, a wholly-owned subsidiary of Remondis SE & Co. KG, have agreed today to bundle their waste management activities in a new joint venture, REKS GmbH & Co. KG, in which both companies are equal partners each with 50 percent participation.
The contribution of the K+S stakes to ‘REKS’, which is to be consolidated at equity, will enable K+S to realize a significant book gain, while at the same time generating a cash inflow of about €90 million before taxes with closing, said K+S.
The transaction remains subject to antitrust authorities’ approval, with transaction closing expected in summer 2021.
Due to continued strong demand for potash in key offshore markets, Canpotex has said it is fully committed on volumes for potash sales for shipment into February 2021. This demand is being strongly supported by solid fundamentals for agricultural commodities in numerous growing regions, with the focus on food security continuing in a number of Canpotex’s offshore markets, the export organization said.
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