Potash Corp withdraws offer for K+S

Sun Oct 4, 2015 10:40pm EDT
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Oct 4 (Reuters) - Potash Corp of Saskatchewan said it has withdrawn its offer for German potash producer K+S , citing a decline in global commodity and equity markets and a lack of engagement by K+S management.

"In light of these (challenging) market conditions and a lack of engagement by K+S management, we have concluded that continued pursuit of a combination is no longer in the best interests of our shareholders," Potash Corp CEO Jochen Tilk said in a statement late on Sunday.

Tilk said on Sept. 16 that Potash was not actively discussing its takeover proposal with K+S but remained interested in a combination of the fertilizer producers that would aid North American potash sales and offer new access to Europe. (Reporting by Rama Venkat Raman in Bengaluru; Editing by Gopakumar Warrier)