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Actionable news in POT: POTASH CORPORATION OF SASKATCHEWAN Inc,

Potash (POT) Stock Rises, Withdraws $8.9 Billion Bid for German Rival

NEW YORK (TheStreet) -- Shares of Potash (POT - Get Report) shares are up 3.51% to $21.22 in morning trading on Monday after the fertilizer company announced that it has withdrawn its $8.9 billion offer for German rival K+S due to a decline in the global commodity market.

K+S executives rejected the company's previous 41-euro-per-share cash offer which represented a 59% premium over the stocks average 12 month share price.

"We withdrew our proposal, frankly, with some disappointment as the strategic rationale for the transaction was compelling in our view," Potash CEO Jochen Tilk said in a letter to K+S's supervisory board obtained by Reuters.

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"Nonetheless, in light of the market conditions ... and a lack of engagement by K+S management, we have concluded that the pursuit of a business combination with K+S is no longer in the best interest of Potash Corp's shareholders," Tilk continued.

TheStreet Ratings team rates POTASH CORP SASK INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their...


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