By Sarah Sloat
FRANKFURT--German salt and fertilizer company K+S AG on Thursday
rejected a takeover approach worth EUR7.85 billion ($8.75 billion)
by rival Potash Corp. of Saskatchewan, saying the proposal
undervalued the company.
"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.
K+S was widely expected to rebuff the offer from Potash, which
offered EUR41 a share.
The German company, which is developing a mine in the Canadian
province of Saskatchewan, said the offer undervalues its products
and projects. Potash also hasn't demonstrated a firm commitment to
its employees' interests, K+S said.
A spokesman for Potash declined to comment.
Write to Sarah Sloat at sarah.sloat@wsj.com
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