POTASH CORPORATION OF SASKATCHEWAN INC. ANNOUNCES STATUS
OF K&S ACQUISITION
SASKATOON, January 15 /CNW/ - Potash Corporation of Saskatchewan Inc.
(the ``Company'') announced today that, in connection with the proposed
acquisition by the Company of 51% of the outstanding shares of Kali und Salz
Beteiligungs AG from a subsidiary of BASF AG, BASF and the Company have each
made the necessary filings under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended, and the waiting period thereunder expired at midnight
on January 12, 1997. Submissions have been made to the Canadian and German
regulatory authorities regarding the proposed transaction and discussions are
continuing. Most recently, the Company received a statement of objections
from the German Federal Cartel Office summarizing its preliminary reasons for
a possible prohibition order. The Company and BASF have until January 27,
1997 to reply to this statement of objections.
``We are disappointed with the initial reaction of the German Federal
Cartel office; however, it is important to realize that this is not a final
decision,'' stated C.E. Childers, Chairman, President and Chief Executive
Officer. ``It is our belief that the German potash industry would benefit
from its association with PCS. We anticipate we will be able to address the
concerns that have been raised and to complete the transaction to the benefit
of all parties.''
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For further information: Betty-Ann Heggie, Senior Vice President, Corporate Relations, (306) 933-8521, Potash
Corporation of Saskatchewan Inc. |
