K+S Tops 90% Ownership Threshold of Potash One

By Midnight Trader,  February 08, 2011, 09:39:45 AM EDT

K+S Canada Holdings Inc., the Vancouver-based affiliate of the German fertilizer maker, has increased its ownership stake of Potash One Inc (KCL.TO) to 90.9%, acquiring another 5.66 mln shares on Monday and boosting its total number of shares to 87.9 mln. 4.48 RT -0.01 (-0.22%)

K+S began the C$4.50-a-share takeover bid in November and expects to complete the buy-out through compulsory acquisition rules once it passed the 90% ownership threshold. Potash One shares were down $0.01 to $4.48 each in early trade today.

As a condition of gaining support from Potash One management, K+S Canada subscribed for a C$30 million convertible secured debenture with proceeds tabbed for immediate water infrastructure improvements at Potash One's Legacy project in Saskatchewan.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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