In a brief press release put out Thursday, Potash Corporation of Saskatchewan (PotashCorp) (TSX:POT,NYSE:POT) has confirmed that it has made a friendly proposal to negotiate terms to acquire Germany's K+S Aktiengesellschaft (FWB:SDF1). The company stated that it does not intend to provide further comment on the matter until it is appropriate to do so, or until a formal agreement has been reached. If a deal is eventually negotiated and completed, the acquisition would certainly be a major one for the potash space. PotashCorp is the largest fertilizer company by capacity, while K+S is the largest potash producer in Europe. Credit Suisse told the Financial Times that a combination of the two companies would control 20 to 25 percent of global potash supply by 2020. Reuters also noted that an acquisition by PotashCorp would make K+S the first German blue-chip stock to be bought by a foreign company in over a decade, and that such a deal would be the the largest global potash merger since Urakali acquired Silvinit in 2011. Still, the potash space has become more a lot more competitive since Russia's Uralkali broke up a potash production cartel in 2013, and as with the rest of the mining space, it might take a bit more out of the box thinking to survive. According to the Times, analysts at Liberum pegged PotashCorp's takeover approach as a defensive move. K+S's massive Legacy project in Canada is set to go into production next year, and the new operation could pose a "disruptive risk to industry pricing discipline," the firm said. K+S already owns 5 potash mines in Saskatchewan, and Legacy would be the first greenfield potash mine to be built in the province in nearly 40 years, a report from Bloomberg stated.