K+S CEO says confident on Potash One takeover -paper

FRANKFURT, Dec 19 (BestGrowthStock) – German fertilizer producer K+S
(SDFG.DE: ) is confident it will be successful in its planned
takeover of Canada’s Potash One (KCL.TO: ), the company’s chief
executive told a German paper.

Asked whether the takeover would be successful, K+S CEO
Norbert Steiner told Frankfurter Allgemeine Sonntagszeitung in
an interview published on Sunday: “We think so, as we have made
an attractive offer.”

K+S in late November said it was planning to buy Potash One
for C$434 million ($431.8 million). [ID:nLDE6AL1DM]

“But the takeover is not a done deal yet, our offer to
Potash One shareholders runs until Jan. 18, 2011,” he said.

Steiner added, however, that about 21 percent of Potash One
shares had been tendered so far and that he was confident K+S
would succeed in securing at least two thirds of the shares.

K+S’s offer came only weeks after Canada blocked a $39
billion hostile bid by BHP Billiton (BHP.AX: ) for Potash Corp
(POT.TO: ), the industry’s dominant player.

Steiner confirmed the company’s 2010 outlook for earnings
before interest and tax (EBIT) of 630-670 million euros
($839-892 million), but remained tight-lipped about a potential
dividend for the year.

“As a rule of thumb, we pay out 40-50 percent of adjusted
net profit,” he said. “The decision will be made in March 2011.”

K+S is scheduled to release 2010 full-year results on March
10, 2011.
(Reporting by Christoph Steitz; Editing by Mike Nesbit)
($1=1.005 Canadian dollar)
($1=.7513 euros)

K+S CEO says confident on Potash One takeover -paper