K+S rejects Potash Corp's takeover approach

Thu Jul 2, 2015 9:38am EDT
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FRANKFURT, July 2 (Reuters) - German potash miner K+S on Thursday rejected Potash Corp of Saskatchewan's takeover approach of 41 euros per share ($45.35) as too low, saying it disregarded the value of its Canadian mining project known as "Legacy".

"The proposed transaction does not reflect the fundamental value of K+S and is not in the best interest of the company," K+S said in a statement.

The proposal "completely disregards" the value of the Legacy project, it added.

"We believe Potash Corp is trying to take advantage of the valuation gap to take over K+S and gain control over Legacy," Chief Executive Nobert Steiner said. (Reporting by Ludwig Burger; Editing by Arno Schuetze)