Potash Corp. of Saskatchewan Inc. (PCS) announced it has withdrawn its proposal to negotiate a transaction with K+S Aktiengesellschaft. During May, PCS offered €41 per share, 59% premium at the time, but their offer was rebuffed.

“Our proposal reflected full and fair value, and was predicated on a collaborative process with access to customary due diligence,” said Jochen Tilk, president and CEO, PCS. “Since that time, challenging macroeconomic conditions have contributed to a significant decline of global commodity and equity markets, with potash peer stocks down almost 40%. In light of these market conditions and a lack of engagement by K+S management, we have concluded that continued pursuit of a combination is no longer in the best interests of our shareholders.”