RPT-UPDATE 2-Potash Corp withdraws $8.9 bln takeover bid for German peer K+S
(Repeats to include link to Potash Corp CEO's letter)
* Potash Corp had offered 41 euros per share in cash
* K+S had refused to negotiate, deeming bid too low
* K+S was sceptical of Potash Corp's assurances on jobs
* K+S shares drop 24 percent (Adds K+S shares, analyst comment)
By Greg Roumeliotis and Arno Schuetze
NEW YORK/FRANKFURT, Oct 5 (Reuters) - Potash Corp of Saskatchewan said on Monday it had withdrawn its 7.9 billion euro ($8.9 bln) offer for German potash producer K+S , citing a decline in global commodity and equity markets and a lack of engagement by K+S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.
K+S shares dropped 24 percent after Potash announced its decision in a statement, wiping almost 1.5 billion euros off the company's market value.
An acquisition of K+S would have given Potash Corp an opportunity to realize savings from selling potash within North America from its own Western Canada mines and from K+S's Legacy mine, which is under construction in the region. Continued...