The Financial Post reports in its Saturday edition K+S AG head Norbert Steiner is facing the wrath of investors after refusing to engage in takeover talks with Potash Corp. of Saskatchewan. A Bloomberg dispatch to the Post quotes Hendrik Leber at Acatis Investment GmbH as saying: "It is understandable that Mr. Steiner hesitated but is not understandable that he refused to engage in serious negotiations. In my opinion, Mr. Steiner breached his fiduciary duty to the company." Fuelling investor anger is the 37-per-cent decline in K+S shares since a July peak, shortly after Potash Corp.'s 41-euro-a-share offer became public. The stock dropped 25 per cent on Monday after Potash Corp. said it was withdrawing its 7.85-billion-euro proposal. Mr. Steiner will face analysts at a capital markets day on Nov. 12. He may have little to offer them such as share buybacks because K+S is in the midst of the $4.1-billion Legacy potash project in Saskatchewan. Also, potash prices are soft. Mr. Steiner rejected the Potash proposal after saying the offer price did not reflect the fundamental value of K+S, and there was no basis for negotiations. Deutsche Bank was among the investors that had called for Mr. Steiner to engage.