K+S stable after BASF sells 10% block

BASF chose to launch a Eu1.2bn accelerated offering of its stake in K+S on Thursday evening despite choppy markets in Europe and the US, using the company’s results announcement as a catalyst. It then had to contend with news of the earthquake in Japan overnight on Thursday and Friday morning.

  • 14 Mar 2011

Bank of America Merrill Lynch acted as sole-bookrunner for the deal after a long dialogue with the seller. It placed the shares, 10% of the company and around 20 trading days’ volume, at Eu50 each, a discount of 9.6% to Thursday’s close.

However, despite the difficult circumstances, the shares ...

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