K+S Says German Federal Cartel Office Approves REKS JV

K+S AG said that German Federal Cartel Office has granted clearance for REKS joint venture. The closing of the transaction is now expected before the end of 2021.

As a result of the contribution of the K+S stakes to REKS, K+S will generate a one-off gain of about 200 million euros in the fourth quarter. At the same time, a total cash inflow of about 90 million euros before taxes will be generated, K+S said in a statement.

Therefore, K+S expects operating earnings EBITDA of the K+S Group for 2021 of about 830 million euros compared to the previous outlook of about 630 million euros excluding REKS transaction.

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