06/25/2015 04:39 EDT | Updated 06/25/2016 05:59 EDT

PotashCorp proposes takeover bid for German potash producer K+S AG

KASSEL, Germany - Potash Corporation of Saskatchewan Inc. is looking into a takeover bid for German potash producer K+S AG.

PotashCorp confirmed in a statement it had made what it called a "private proposal" to "negotiate" an acquistion, but said there is no certainty that an offer will ultimately be made.

K+S had earlier posted a statement to its website saying PotashCorp (TSX:POT) had submitted a written proposal to acquire all outstanding shares of the company, depending on certain conditions including due diligence.

Both companies declined to comment further on the matter and the proposed purchase price was not disclosed.

K+S AG has a market capitalization of 5.56 billion euros or about C$7.7 billion.

PotashCorp's market capitalization stands at $33 billion.