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BERLIN (AP) — Potash Corp. of Canada has withdrawn a takeover offer for salt and potash producer K+S AG that valued the German-based company at 7.85 billion euros ($8.8 billion).
K+S had rejected the offer of 41 euros per share, first made at the end of May, as failing to reflect its fundamental value. In withdrawing the proposal, Potash also pointed to a significant decline in global commodity and share markets.
Potash president and CEO Jochen Tilk said that "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."
K+S shares plunged in early Frankfurt trading Monday, dropping nearly 24 percent to 23.58 euros.
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