Kassel, Germany — K+S Group reported Aug. 7 that Potash Corp. of Saskatchewan Inc. again sent an unsolicited letter to the company in which it proposed a takeover at an unchanged price of €41 per share. “Jointly with the supervisory board we are still convinced that the proposed price of 41 Euro per share does not at all reflect the fundamental value of K+S,” said Norbert Steiner, K+S CEO. “This is true for our existing business, but in particular for the value contribution of our Legacy Project. For this reason alone, also the new proposal of PotashCorp is not in the best interest of the company.” K+S went on to say that the documents show that the commitments proposed by PotashCorp do not provide reliability. It said they are foiled by far-reaching restrictions in essential parts and are not effectively enforceable. As a result, K+S said its concerns remain unchanged that the transaction proposed by PotashCorp puts jobs at risk and that sites and raw material production in Germany might not be maintained.
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