Deals
Potash Corp. Withdraws Bid to Acquire K+S as Markets Tumble
- Germany's K+S rejected the 41 euro-per-share offer as too low
- Canada's Potash cites market decline, lack of K+S engagement
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Potash Corp. of Saskatchewan withdrew its 7.85 billion-euro ($8.8 billion) proposal to acquire Germany’s K+S AG amid a decline in global commodity and equity markets.
Potash Corp.’s cash offer had been rejected in July by K+S AG of Germany as too low. Since then, spot prices for potash in the U.S. have dropped while the Bloomberg Commodity Index of 22 raw materials is down 16 percent from its peak this year in May.