UPDATE 2-K+S says will look at higher Potash bid, profit jumps

Thu Aug 13, 2015 7:35am EDT
 
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* K+S says would look at higher Potash bid

* Q2 operating profit beats estimates

* K+S keeps profit, sales guidance, details outlook (Adds earnings detail, CFO comments, peer comparison and shares)

By Andreas Cremer

BERLIN, Aug 13 (Reuters) - Germany's K+S AG said it would consider any improved offer from Canada's Potash Corp of Saskatchewan after its position was boosted by stronger than expected quarterly earnings.

The company affirmed its rejection of a 7.9 billion euro ($8.8 billion) takeover proposal by Potash, but left the door open on Thursday to an improved bid.

"K+S will deliver strong results as a stand-alone company," finance chief Burkhard Lohr said during an earnings call. "K+S has a great future as an independent company."

The Canadian firm's takeover proposal of 41 euros per share does not even remotely reflect K+S's underlying value, the CFO said, questioning again reassurances the Canadian firm has given on jobs and sites.

K+S's management and supervisory boards "are extremely concerned that Potash appears to have no sustained interest in continuing the strategically, technically and financially linked fertiliser and salt activities in the current form," it said.   Continued...