UPDATE 2-K+S says retail shareholders back rejection of Potash offer

Mon Aug 10, 2015 12:31pm EDT
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* K+S presents results of shareholder survey

* Says 84 pct of respondents support rejection of offer

* Only 4 pct would accept Potash's 41 eur/shr offer

* More than 39,000 retail shareholders took part in survey (Adds new comment from K+S, no comment from Potash Corp, share activity)

FRANKFURT, Aug 10 (Reuters) - German salt and fertilizer company K+S AG says a survey of its retail investors shows they strongly support its rejection of a 7.9 billion euros ($8.6 billion) takeover offer from Canada's Potash Corp of Saskatchewan.

K+S said on Monday it had surveyed retail, or non institutional shareholders, who hold about 30 percent of its shares, and that more than 84 percent of those who replied were in favor of rejection. About 28 percent of retail shareholders responded to its questionnaire.

K+S did not say what percentage of its total shares opposed Potash's bid, according to the survey, but Scotiabank analyst Ben Isaacson said it was likely less than 10 percent.

Isaacson, who covers both companies, said in a note that K+S would likely get different results from its institutional stockholders, who own most of the company and who might jump at the offer.

"It's becoming seemingly inevitable that (Potash) will need to take its bid directly to shareholders," he said   Continued...