Germany's K+S explores Morton Salt flotation - paper

Thu Jan 14, 2016 3:49am EST
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FRANKFURT Jan 14 (Reuters) - German salt and potash miner K+S is discussing internally a potential listing of its U.S. salt division Morton Salt to bolster its share price and discourage unwanted takeover approaches, a German newspaper reported on Thursday.

The fertiliser mining group last year fended off a takeover approach by Potash Corp of Saskatchewan, arguing the 41 euros a share offer undervalued its salt business and its Canadian potash mine construction project.

Selling some shares in a separately listed Morton Salt could highlight the unit's market value and bolster the group's share price, but considerations are at an initial stage, daily Frankfurter Allgemeine Zeitung cited company sources as saying.

It added there were conflicting views about the matter among senior managers.

Shares in K+S rose as much as 1.5 percent after the market open but pared gains to trade up 0.1 percent by 0831 GMT.

The paper said a spokesman declined to comment. The company could not be reached for an immediate comment by Reuters. (Reporting by Ludwig Burger and Patricia Weiss; Editing by Mark Potter)