NEW YORK/FRANKFURT (Reuters) — Potash Corp has dropped its $11.57 billion 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.
Potash wanted K+S partly for its Legacy mine, now under construction in Saskatchewan, but K+S considered the bid under-valued. Weak demand from China has pressured all potash company share prices lower in recent months.
