Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

Chinese group eyeing indirect stake in Chile lithium producer SQM

Published 2015-12-28, 04:43 p/m
© Reuters. Chinese group eyeing indirect stake in Chile lithium producer SQM

SANTIAGO, Dec 28 (Reuters) - China's CITIC CLSA Capital
Markets Ltd will participate in the process to buy an indirect
stake in Chile-based SQM SQMa.SN , one of the world's top
lithium producers, the holding company selling the stake said on
Monday.
Holding company Oro Blanco ORO.SN said in a filing with
Chile's securities regulator that Banco Itau Argentina, which
was hired to oversee the sale process, informed it that CITIC
had indicated its interest in buying the indirect stake.
Oro Blanco is selling its entire 88 percent stake in holding
in Pampa Calichera CALa.SN , which in turn owns around 20
percent of SQM, a major producer of lithium and an important
supplier of iodine and other chemicals.
SQM's access to vast nitrate and lithium reserves in
northern Chile is expected to attract a number of buyers.
Canada's Potash Corp POT.TO already owns about 30 percent in
the dual share structure of SQM, while Israel Chemicals ICL.TA
has also expressed interest in the Chilean company.
The sale process comes after Julio Ponce, a former
son-in-law of late dictator Augusto Pinochet, was forced to
resign as SQM chairman earlier this year after two separate
scandals.
Such a sale might not be enough to shift control of SQM to a
new owner but would be a move in that direction. A refreshed
board has said it wants to draw a line under the events and
improve corporate governance.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.