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FRANKFURT, July 4 (Reuters) - A German regional minister gave his backing to potash miner K+S's rejection of an $8.8 billion-euro takeover bid by Canada's Potash Corp of Saskatchewan, saying K+S should remain a German company. It also has a Canadian mining project called "Legacy", the first new mine in the potash industry in almost 40 years, which is due to start producing by the end of 2016 amid growing capacity and competition among sellers. Analysts believe Potash may want to slow the development of Legacy or close mines in Germany, where costs are higher, to prevent more potash coming onto the market. Potash says its proposal is not based on closing mines or cutting jobs. Al-Wazir's statement came after he met K+S's human resources head and its local works council chief. K+S HR chief Thomas Noecker said: "We want domestic mining and the domestic production of vital mineral nutrients to remain possible and secure for the coming decades. We must reject initiatives that do not serve this interest, in our view." ($1 = 0.8999 euros) (Reporting by Patricia Weiss; writing by Georgina Prodhan; editing by Clelia Oziel)
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Potash Corporation of Saskatchewan Inc.
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CODE : POT.TO |
ISIN : CA73755L1076 |
CUSIP : 73755L1076 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Potash Corp. is a producing company based in Canada. Potash Corp. is listed in Canada. Its market capitalisation is CA$ 21.7 billions as of today (US$ 17.2 billions, € 14.4 billions). Its stock quote reached its lowest recent point on March 24, 1995 at CA$ 10.00, and its highest recent level on September 21, 2007 at CA$ 99.07. Potash Corp. has 840 009 984 shares outstanding. |