* K+S presents results of shareholder survey
* Says 84 pct of respondents support rejection of offer
* Only 4 pct would accept Potash's 41 eur/shr offer
* More than 39,000 retail shareholders took part in survey
(Adds new comment from K+S, no comment from Potash Corp, share
activity)
FRANKFURT, Aug 10 (Reuters) - German salt and fertilizer
company K+S AG SDFGn.DE says a survey of its retail investors
shows they strongly support its rejection of a 7.9 billion euros
($8.6 billion) takeover offer from Canada's Potash Corp of
Saskatchewan POT.TO .
K+S said on Monday it had surveyed retail, or non
institutional shareholders, who hold about 30 percent of its
shares, and that more than 84 percent of those who replied were
in favor of rejection. About 28 percent of retail shareholders
responded to its questionnaire.
K+S did not say what percentage of its total shares opposed
Potash's bid, according to the survey, but Scotiabank analyst
Ben Isaacson said it was likely less than 10 percent.
Isaacson, who covers both companies, said in a note that K+S
would likely get different results from its institutional
stockholders, who own most of the company and who might jump at
the offer.
"It's becoming seemingly inevitable that (Potash) will need
to take its bid directly to shareholders," he said
A Potash Corp spokesperson declined comment.
"The prevailing view among (surveyed retail investors) is in
line with that taken by the overwhelming majority of
institutional investors that we are in touch with, and who also
welcome the rejection of the Potash Corp proposal," K+S finance
chief Burkhard Lohr said.
Potash Corp has been pushing to talk with K+S management
despite the German company's initial rejection last month of the
Canadian company's bid, which is worth 41 euros per share.
ID:nL1N10A21T
K+S shares traded up 1.2 percent at 37.53 euros, while
Potash stock rose less than 1 percent in New York and Toronto.
K+S lacks the protection of a big anchor investor, with
nearly all its shares freely traded on the stock exchange, and
the results of K+S's survey provide the first real indication of
how investors may respond to Potash Corp's approach.
Only about 4 percent of the more than 39,000 retail, or
private, shareholders who participated in the survey said they
would accept a 41 euros per share offer, K+S said.
"Our private shareholders have made their position clear,"
Chief Executive Norbert Steiner said in a statement. "They share
the assessment of the K+S board of executive directors and
supervisory board that the current Potash Corp proposal fails to
reflect the fundamental value of K+S."
K+S said it had contacted all its 140,000 retail
shareholders in mid July and more than 39,000 had participated
in the survey.
($1=0.9145 euros)