19 January 2011 09:14 [Source: ICIS news]
SINGAPORE (ICIS)--Kali & Salz (K+S) has acquired an 81% majority stake in junior potash miner Potash One for Canadian dollar (C$) 4.50 ($4.55) a share, the German fertilizer producer said on Wednesday.
K+S offered C$4.50 for each outstanding common share of Potash One and a total of 78,802,378 shares were tendered, the company said in a statement.
“All of the conditions to the offer have been satisfied or waived,” it said.
K+S extended its offer period for the takeover of Potash One to 4 February, the statement added.
The board of Potash One unanimously recommended the offer to its shareholders.
K+S in November last year announced its takeover plans of the company after the Canadian government blocked BHP Billiton’s $39bn (€29.2bn) hostile takeover bid for PotashCorp.
The deal would give K+S, which has been facing pressure to secure new reserves as demand for potash picks up, access to several exploration licences Potash One has for the food-growing nutrient in the Canadian province of Saskatchewan.
K+S shares were trading at €56.5 ($75.3) on the Xetra stock exchange at 09:03 GMT, up 0.91% from the previous close.
($1 = €0.75, $1 = C$0.99)
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