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Compass Minerals International Inc. Message Board

  • sajjadanwar66 sajjadanwar66 Mar 18, 2009 7:37 AM Flag

    k+s appoint new bankers re bid for compass minerals

    London's blue-chip index ended its three-day winning streak after the
    financial sector's rally fizzled out.

    By Ben Harrington
    Last Updated: 9:44PM GMT 17 Mar 2009

    FTSE 100

    The FTSE 100 fell by as much as 70 points during Tuesday's session,
    but recovered in the afternoon following a strong start on Wall
    Street. The blue-chip index eventually closed down 6.89 points at
    3857.1 while the FTSE 250 lost 58.52 points to 6211.79.

    Tim Hughes, head of sales trading at IG Index, said: "After solid
    gains over the past week that have put around 400 points on the FTSE,
    many investors seem to be happy to start booking any profits at
    current levels and then see what the direction of the next major move
    might be."

    WS Atkins topped the FTSE 250, rising 45½ to 514p, after it was added
    to Goldman Sachs' "buy" list. With few takeover deals announced in the
    London market this year, traders have been turning to the
    international mergers and acquisitions market to keep them excited.

    One potential deal in focus is German fertiliser giant K+S's $2.4bn
    (£1.7bn) bid for US-listed Compass Minerals, the operator of Britain's
    largest and oldest rock salt mine at Winsford.

    Sources said K+S has brought HSBC and Société Générale on board to
    provide about €500m (£463m) of financing for its possible takeover of
    Compass. The two banks could replace Morgan Stanley, K+S's adviser, in
    the debt financing syndicate, which currently comprises BNP Paribas
    and Dresdner Kleinwort.

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