K+S signs agreement for $3.2 billion sale of Morton Salt business

FILE PHOTO: A headframe of salt producer K+S Group is pictured at a K+S potash mine near Unterbreizbach, near Bad-Hersfeld October 1, 2013. REUTERS/Ralph Orlowski

BERLIN (Reuters) - K+S has signed an agreement to sell its North and South American salt business to Stone Canyon Industries Holdings and affiliates for $3.2 billion, the German minerals miner said in a statement on Monday.

Shares in K+S rose 19% percent earlier in the day after the company confirmed it was in advanced talks to sell its salt business in the Americas.

The closing of the transaction is expected to occur in summer 2021 and the purchase price will be paid in cash, according to the statement.

Bloomberg News previously reported the negotiations with Kissner, a producer and supplier of salt controlled by holding company Stone Canyon Industries.

K+S put its Americas salt business on the block in March as part of plans to sell its debt and focus on potash fertiliser products.

K+S closed at 6.98 euros, up more than 14%.

Reporting by Caroline Copley; Additional reporting by Aishwarya Nair in Bengaluru; Editing by Riham Alkousaa and Peter Cooney