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8 years ago
Germany's K+S gains on talk of bid from PotashCorp
September 4, 2009 / 9:54 AM / 8 years ago

Germany's K+S gains on talk of bid from PotashCorp

1 Min Read

FRANKFURT (Reuters) - Shares in K+S SDFG.DE rise on Friday as traders point to market talk that peer Potash Corp of Saskatchewan (POT.TO) might be considering bidding 50 euros per share for the German salts and fertilizer.

"The rumor is that Potash Corp is considering a 50 euros per share bid for K+S to strengthen its market position," says a Frankfurt-based trader.

K+S said it could not comment on the market speculation. Potash Corp was not available for immediate comment

At 0903 GMT, shares in K+S were 4.9 percent higher at 37.36 euros, having risen as high as 37.98 euros. They were one of the top gainers on the German large-cap index .GDAXI, which was 1.15 percent higher.

"The rumors seem a bit spurious to me. This is not the first time we've heard such a rumor and 50 euros per share is quite a premium" a second trader said.

Reporting by Tyler Sitte and Patricia Gugau in Frankfurt, Blaise Robinson in Paris and Atul Prakash in London

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