FRANKFURT, Aug 7 (Reuters) - German salt and fertilizer company K+S AG said on Friday that Potash Corp of Saskatchewan’s new offer still does not reflect the true value of the company and that commitments proposed by PotashCorp “do not provide reliability”.
Earlier on Friday the company had said in statement that Potash again had sent an unsolicited letter to its management and supervisory boards, which included a proposal for a “business combination agreement” based on an unchanged price of 41 euros ($44.57) 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,” the company’s Chief Executive Norbert Steiner said in the statement.
“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 Potash Corp is not in the best interest of the company.” ($1 = 0.9200 euros) (Reporting by Harro ten Wolde; Editing by Kirsti Knolle)