K+S private shareholders support rejection PotashCorp proposal

K+S private shareholders support rejection of PotashCorp proposal

6:22 PM, 10th August 2015
K+S private shareholders support rejection of PotashCorp proposal
The 40,000 square-foot, three-story corporate headquarters located at 220 Wall Street downtown Saskatoon, Canada. (File photo)

KASSEL, GERMANY: K+S Aktiengesellschaft said it contacted all private shareholders of the company who hold about 30 percent of all outstanding shares, to form an opinion for K+S after the PotashCorp unsolicited takeover bid became known.

More than 39,000 (about 28 percent) of the approximately 140,000 private shareholders who were contacted participated in the survey.

“Our private shareholders share the assessment of the K+S board of executive directors and supervisory board that the current PotashCorp proposal fails to reflect the fundamental value of K+S. At the same time, our private shareholders have given us a clear mandate to keep on realizing what they consider to be attractive future prospects for K+S,” said Norbert Steiner, chairman, board of executive directors, K+S.

“The prevailing view among our private shareholders is in line with that taken by the overwhelming majority of institutional investors that we are in touch with and who also welcome the rejection of the PotashCorp proposal,” said Dr Burkhard Lohr, CFO, K+S.

The company also found with the survey that if PotashCorp was to make an offer of 41 euros per share, only about 4 percent of private investors would accept the offer, while 43 percent of private investors would wait to see the position taken by management. Also 28 percent private investors would accept a significantly higher offer, K+S said.

The survey was carried out and evaluated by a market research institute on behalf of K+S, the company said.

© Worldofchemicals News

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