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)