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BASF Raises €1 Billion from Divestment of K+S Stake
5:41 AM MST | March 11, 2011 | Natasha Alperowicz
BASF says it has successfully placed about 19.7 million shares of K+S (Kassel, Germany), Europe's biggest producer of potash, with insitutuional investors at a price of €50/share. The transaction, representing 10.3% of K+S's share capital, was achieved through an accelerated bookbuilding process, BASF says. Total proceeds of the transaction amount to approximately €1 billion ($1.38 billion) with BASF achieving a capital gain before taxes of about €900 million from the sale. Analysts welcomed BASF's move to quit its stake in K+S. "We...
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