World Economy

Merger Called Off

Merger Called OffMerger Called Off

The stock of German potash mining company K+S has lost almost a quarter of its value following the announcement by its Canadian rival PotashCorp to drop plans for an ‘unsolicited’ takeover bid, DW reported. Shares in K+S plunged 23% in opening trade on Monday, dropping to €23.81 a share. The stock came under pressure as Canada’s PotashCorp scrapped plans for a tie-up with K+S estimated to be worth about €8 billion ($9 billion). K+S, which is also a leading world producer of potash for fertilizer, rejected PotashCorp’s unsolicited €7.85 billion takeover bid in July, and spurned a renewed bid at the same price in August, saying it was too cheap and “puts jobs at risk.”