The value offered, from 7.8 billion euros (about US $ 8.74 billion), or 41 euros per share, was deemed "inappropriate" by K + S. "in conjunction with the Board of Auditors, we came to the conclusion that the proposed price does not reflect adequately the fundamental value of the K + S", says Norbert Steiner, Chief Executive of the company, in a statement.
According to the Executive, the offer "undervalues" the potassium and magnesium products and salt business of K + S, as well as "completely ignore" the value of the Legacy project. The Legacy is the first "greenfield" project (started from scratch) potassium industry in almost 40 years. K + S said it has already invested more than 2 billion euros in the project, which will produce the first tons of potassium by the end of 2016.
The expectation of K + S's report an Ebitda (earnings before interest, taxes, depreciation and amortization) of 1.6 billion euros until 2020.
Valor Economico
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