BASF Raises €1 Billion from Divestment of K+S Stake

BASF says it has placed about 19.7 million shares of K+S (Kassel, Germany), Europe’s biggest producer of potash, with institutional 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. Total proceeds from the sale are about €1 billion ($1.4 billion) with BASF achieving a pretax capital gain of about €900 million. Analysts welcomed BASF’s move. “This transaction exemplifies BASF’s continual move away from commodity exposure,” says Jeremy Redenius...

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