BUZZ-K+S shares pare gains after Potash says not actively engaged in talks

Wed Sep 16, 2015 10:58am EDT
 
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(Updates)

** Shares in German potash miner K+S heading for a lower close on Wednesday, paring all its earlier gains, after Potash Corp says it is not actively involved in takeover talks

** K+S rose as much as 3.5 pct earlier after an analyst at Germany's Bankhaus Lampe writes he anticipates suitor Potash Corp to make a hostile bid above its previous 41 euro ($46) per share proposal

** "There is development in the takeover poker game," writes analyst Marc Gabriel, adding a hostile takeover should be in the offing

** He confirms his 46 eur/shr price target and "buy" rating.

** "We soon expect an official bid by Potash Corp that should be above the yet unofficial bid of 41 euros per K+S share," says Gabriel, without elaborating what his prediction is based on

** Shares closed 5.2 pct lower on Wednesday after brokerage Scotiabank said a takeover by larger rival Potash Corp has become less likely ($1 = 0.8911 euros) (RM: ludwig.burger.thomsonreuters.com@reuters.net)