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Wednesday, July 8, 2015

Potash Corp not planning to increase K+S bid-sources, (NYSE: POT)

Potash Corp of Saskatchewan Inc does not plan to sweeten its bid for German rival K+S AG , several people familiar with the Canadian mineral miner said, downplaying a media report that it would consider such a move. The proposed bid of 41 euros per share already represented an unusually high premium and should not be taken as a starting point for further increases, the sources said. There was no valid reason to speculate on Potash increasing its offer, they said.Canadian newspaper The Globe and Mail on Wednesday reported that Potash Corp was confident of winning over shareholders with its current $8.7 billion bid, but that it would also be open to raising it slightly under certain conditions."If we sit down and do due diligence and they can demonstrate some incremental value to us, we might have an extra euro for them. I wouldn't rule that out," the daily quoted a source close to the matter as saying.

Potash Corporation of Saskatchewan Inc. (PCS) is a fertilizer company. Shares of POT fell by 1.48% or $-0.44/share to $29.36. In the past year, the shares have traded as low as $29.33 and as high as $37.60. On average, 3973460 shares of POT exchange hands on a given day and today's volume is recorded at 1907855.