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Nutrien will be auction of SQM shares next Monday and mark the end of the period


The largest business in recent years in the local market has a day and time to adapt it.

Yesterday at noon, the Canadian Nutrien (continued Potash Corp) company has registered at the Santiago Stock Exchange auction of the series of more than 62 million A SQM series, which represents almost 24% of & # 39; i ownership. And he set up the operation on Monday, December 3, at 9:15 am, which is held in the country's main stock exchange wheelchair.

The Chinese Tianqi must have this pack, which will identify the milestone: Nutrien will leave SQM property after 15 years, where the board members nominated and participate in the decision making process of the company , and an Asian company in its place.

The transaction, which will be led by Banchile Corredores de Bolsa, will receive a minimum price of $ 65 per share, so the expected amount will be US $ 4,066 million.

Therefore, if there is no surprise, this deed marked argument will be sealed.

Compliance Program

After the Freedom of Defense Competition (TDLC) approved the agreement between the Office of the National Economic Prosecutor (FNE) and Tianqi in the beginning of October for the final access to SQM property, a new negotiation was initiated.

According to PULSO, published in October, this is the design that China and Chile are doing of the known compliance program, which contains the compliance protocol agreed by Tianqi with the FNE and who seeks to limit the risk of unlawful co-ordination between directors. of both companies.

One of the most relevant protective details is about the possibility of exchanging unconnected lithium market information, where both companies are the largest players in the world .

So, tell sources that know about the process, ready for next year: in April 2019 it will assume the three named Tianqi in SQM, and then the Chinese will have Closing date of 60 calendar days to submit their offer to the board of Chile mining company.

The experts apply this process as "essential" and even more important than the TDLC itself. It should be noted that this new stage is mainly addressed at the level of lawyers specializing in free competition and corporation legislation.

In this context, the sources indicate, the Pampa group, which represents the interests of Julio Ponce, who manage SQM through the cascade companies, press through & This way to improve – from its perspective – conditions and the agreement that allowed Tianqi access to SQM.

History of battles

In May of this year, an agreement between Nutrien and Tianqi was announced, and the latter would be buying the first in SQM's participation.

In the following month, the FNE opened an inquiry to evaluate the possible effects of the free competition that the operation might present. This follows complaints submitted by Corfo and Senator Alejandro Guillier.

In this way, the transaction was frozen while the investigation was extended. In parallel, at the end of August, the FNE said that it had reached an agreement outside the court with Tianqi where it established a number of measures to mitigate the risks that the operation could apply in terms of competition for does not mean it.

The measures include that Tianqi will not elect directors, operators or employees of his company to be part of the board of SQM directors, and that the Chinese company or directors will not be able to influence or intervene Tianqi benefit or damage the interests of the company. Chile mining.

After that, the agreement was taken to the TDLC to give its approval. In mid center, in September the allegations were made, where the Pampa group objected to the agreement.

Despite this, the TDLC approved the agreement at the beginning of October, and after that the Pampa group returned to the fee, yet their efforts were frustrating.

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