PotashCorp drops bid for K+S

A long-brewing takeover bid in the potash world has been withdrawn.

Potash Corporation of Saskatchewan Inc. (PotashCorp) says it's no longer interested in buying potash producer K+S.

PotashCorp has been trying to buy the company since June. However, the German-based K+S rebuffed a number of offers from the Saskatchewan-based company, stating that the bids were too low.

Now, citing declining economic conditions, PotashCorp said it's no longer interested in the deal.

"Challenging macroeconomic conditions have contributed to a significant decline of global commodity and equity markets, with potash peer stocks down almost 40 per cent," said Jochen Tilk, PotashCorp President and CEO, in a news release. "In light of these market conditions, and a lack of engagement by K+S management, we have concluded that continued pursuit of a combination is no longer in the best interests of our shareholders."

PotashCorp's most recent bid for the company sat at €7.9 billion ($11.64 billion Cdn).

K+S is still working on finishing its Legacy potash mine near Moose Jaw. The mine should be open by the summer of 2016.