PotashCorp, one of the world’s largest producer of the fertilizer potash based in Canada, kept faith in its takeover K+S after the German rival rejected its €7.9 or $8.8 billion offer.
“PotashCorp (is) confident K+S’ concerns can be addressed through collaborative discussion,” the Canadian firm said in a statement on Thursday.
Hours earlier, the Kassel-based fertilizer and salt producer K+S had rejected the offer as too low.
“Jointly with the Supervisory Board we have come to the conclusion that the proposed price of €41 per share does not adequately reflect the fundamental value of K+S,” Norbert Steiner, K+S’ chief executive said in a statement.
K+S, which is worried about job losses in Germany or abroad after an acquisition, called the offer “unsolicited”, corporate speak for a hostile takeover.