PotashCorp withdraws bid for German rival

The world’s largest potash miner Potash Corporation of Saskatchewan (PotashCorp) on Monday retracted its offer to buy German rival K+S Aktiengesellschaft, citing declining macroeconomic conditions and a lack of interest from K+S management to pursue a deal. K+S had previously rejected the unsolicited offer of €41 a K+S share, saying the proposal, valued at €7.9-billion, did not adequately reflect the fundamental value of K+S’s potash and magnesium products and salt business, and completely disregarded the value of the Legacy project.