March 24, 2011
Compulsory Acquisition Concluded; K+S Completes Acquisition of Potash One
K+S now holds 100% of the outstanding common shares of Potash One
Potash One shares were delisted from the Toronto Stock Exchange (TSX)
K+S continues the development of the Legacy Project in Saskatchewan
K+S Aktiengesellschaft ("K+S") is pleased to announce that K+S' indirect wholly-owned subsidiary, K+S Canada Holdings Inc. ("K+S Canada"), has completed the compulsory acquisition of all outstanding common shares of Potash One not already owned by it pursuant to section 206 of the Canada Business Corporations Act. As a result of the compulsory acquisition, K+S Canada now holds 100% of the outstanding common shares of Potash One.
To effect the compulsory acquisition, K+S Canada has deposited the cash consideration to which former shareholders of Potash One are entitled under the compulsory acquisition with Kingsdale Shareholder Services Inc. ("Kingsdale"), as agent for Potash One. Kingsdale will hold such consideration in trust for Potash One's former shareholders and will pay out the consideration to them upon deposit of the certificates representing the Potash One common shares formerly held by such shareholders. Deposits of the certificates can be effected using the letter of transmittal that was mailed to Potash One's registered shareholders along with the notice of compulsory acquisition.
Potash One is making applications to the relevant provincial securities commission to cease to be a reporting issuer under Canadian securities laws. The common shares of Potash One were delisted from the TSX on March 17, 2011.
K+S will build a new potash solution mine in Saskatchewan which will commence operations in 2015. Initial work on the infrastructure and preparations for first drillings will commence shortly. A review of the optimisation approaches in the existing feasibility study should be completed during the second half of 2011. Based on available resources and the environmental permit that has been granted, the Legacy Project has the potential to gradually set-up a potash output in excess of 2.7 million tonnes of potassium chloride per year.
Experience growth
The K+S Group is one of the world's leading suppliers of standard and speciality fertilizers. In the salt business, K+S is the world's leading producer with sites in Europe as well as North and South America. K+S offers a comprehensive range of goods and services for agriculture, industry, and private consumers which provides growth opportunities in virtually every sphere of daily life. The K+S Group employs more than 15,000 people. The K+S share -- the only commodities stock on the German DAX index -- is listed on all German stock exchanges (ISIN: DE0007162000, symbol: SDF). More information about K+S can be found at www.k-plus-s.com.
Your contact persons:
Press:
Michael Wudonig, CFA
phone: +49 561 9301-1262
fax: +49 561 9301-1666
michael.wudonig@k-plus-s.com
Investor Relations:
Christian Herrmann, CFA
phone: +49 561 9301-1460
fax: +49 561 9301-2425
christian.herrmann@k-plus-s.com
