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Potash Corp position on German company K+S unchanged - CEO

Published 2015-12-02, 09:55 a/m
© Reuters. Potash Corp position on German company K+S unchanged - CEO
SDFGn
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POT
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By Rod Nickel
Dec 2 (Reuters) - A recent report that Potash Corp of
Saskatchewan POT.TO is preparing a new takeover bid for German
potash producer K+S AG SDFGn.DE is an unfounded rumor, Chief
Executive Officer Jochen Tilk said on Wednesday.
Potash POT.N , one of the world's biggest producers of the
crop nutrient, withdrew its $8.9 billion bid for K+S in October.
"We did withdraw and what we said in our press release two
months ago is the same position we have today," Tilk said at a
Citi investor conference in New York.
A recent German report that Potash is preparing a new bid
for K+S "was a rumor, nothing more," Tilk said.
Potash Corp expects to generate more cash as it wraps up a
longtime expansion program next year.
Tilk said the company is considering whether to reduce its
dividend and instead return cash to shareholders by buying
stock.
"Some people have asked, and I think it's a valid question,
'why wouldn't you reduce your dividend and buy back stock?'"
Tilk said. "Of course we're looking at that."
As of now, the company has decided to maintain its dividend,
but it is looking at whether there are better ways to return
cash to shareholders, Tilk said.

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