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PotashCorp reported hiring third bank in battle for K+S

(Dave Bedard photo)

Reuters — Canada’s PotashCorp has hired a third investment bank as adviser in its effort to take over German fertilizer maker K+S , a German newspaper reported Sunday.

Bank of America Merrill Lynch will join Morgan Stanley and Deutsche Bank in advising the Saskatoon-based fertilizer giant in the effort, the Frankfurter Allgemeine Zeitung newspaper said, without citing sources.

K+S has also taken on Rothschild as an adviser, alongside Goldman Sachs, the paper added, again without citing sources.

K+S rejected a 7.9 billion-euro (C$11.7 billion) offer from PotashCorp but said it would consider any improved offer after its position was boosted by stronger than expected quarterly earnings.

Potash and K+S were not immediately available for comment. The banks all declined comment, the Frankfurter Allgemeine Zeitung said.

Reporting for Reuters by Jonathan Gould in Frankfurt and Rod Nickel in Winnipeg.

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