Potash Corp of Saskatchewan said on Monday it had withdrawn its 7.9 billion euro ($8.9 bln) offer for German potash producer K+S , citing a decline in global commodity and equity markets and a lack of engagement by K+S management.K+S shares dropped 24 percent after Potash announced its decision in a statement, wiping almost 1.5 billion euros off the company's market value. An acquisition of K+S would have given Potash Corp an opportunity to realize savings from selling potash within North America from its own Western Canada mines and from K+S's Legacy mine, which is under construction in the region.However, senior K+S executives dismissed the Canadian company's 41-euro-per-share cash bid -- which represented a 59 percent premium to the volume-weighted average of K+S's share price during the prior 12 months -- as too low and refused to negotiate.
Potash Corporation of Saskatchewan Inc is a fertilizer company. Shares of POT traded higher by 4.06% or $0.8/share to $20.50. In the past year, the shares have traded as low as $19.47 and as high as $37.60. On average, 5476420 shares of POT exchange hands on a given day and today's volume is recorded at 7113323.
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