PotashCorp Says Withdraws K+S Proposal - Quick Facts

(RTTNews) - Potash Corporation of Saskatchewan Inc. (POT, POT.TO) said Sunday that it has withdrawn its proposal to negotiate a transaction with K+S Aktiengesellschaft.

The private proposal of 41 euros per share on May 31, 2015 sought to bring together complementary assets that would have enhanced financial resources and allowed the combined company and its stakeholders to benefit from greater diversification across geographies and products. It reflected a 59 percent premium to the volume weighted average of K+S' share price during the prior 12 months and included comprehensive, credible commitments to K+S' employees, unions and communities.

".....Since that time, challenging macroeconomic conditions have contributed to a significant decline of global commodity and equity markets, with potash peer stocks down almost 40 percent. In light of these market conditions and a lack of engagement by K+S management, we have concluded that continued pursuit of a combination is no longer in the best interests of our shareholders," said Jochen Tilk, PotashCorp President and CEO.

PotashCorp noted that it will continue to focus on its disciplined growth strategy. With a strong balance sheet, top-tier assets and a track record of operational excellence, PotashCorp believes it is well positioned to capture future opportunities.