Local sources in Idaho tell Green Markets that the Magnolia Nitrogen Idaho (Magnida) project continues though the project has lost the backing of major investor Egypt Kuwait Holding (EKH). Kristen Jensen, the Power County economic developer, who has been working closely with Magnida on the project, said Magnida is working to secure equity financing from other sources. Magnida was not immediately available for comment.
Citing sources in "financial circles", German newspaper Handelsblatt is reporting that Potash Corp. of Saskatchewan Inc. may have launched a bid for K+S Group for Euro 7 billion. Neither company immediately responded to inquiries.
K+S Group has announced that Potash Corp. of Saskatchewan Inc. submitted a written proposal to K+S Aktiengesellschaft for the acquisition of all shares.
K+S said PotashCorp has informed the board of executive directors and the supervisory board of K+S Aktiengesellschaft that PotashCorp may decide, depending on certain conditions, including a due diligence exercise, to offer to the shareholders of the company the acquisition of all outstanding shares by way of public takeover offer.
K+S said it is currently assessing the available options and that the process is still ongoing.
