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Home / Business / Nutrien promises to "protect interests" over threat to SQM sales: paper

Nutrien promises to "protect interests" over threat to SQM sales: paper



SANTIAGO (Reuters) – Canada's Nutrien, whose attempt to sell its stake in the Chilean lithium mining industry SQM to China's Tianqi, has been suspended by a series of competitive risks promised to "protect its interests" in an interview with a Chilean newspaper that was published on Sunday.

PHILPHOTO: Leaders meet at a height at the SQM nitrate plant in Coya Sur next to Maria Elena City, north of Chile, October 1

3, 2016. Picture taken on 13 October 2016. REUTERS / Ivan Alvarado / Filfoto [19659003] Michael Webb, vice president of fertilizer Nutrien ( NTR.TO ) accused Julio Ponce, SQM's SQMa.SN SQM_pb.SN largest shareholder, in order to prioritize "personal benefit" by asking for a court to block $ 4 billion deal.

"As a SQM shareholder, we only want the best for the company," he told El Mercurio. "If Ponce takes action that damages us and any other shareholder, we will look to protect ourselves." He did not expel.

The sale of Nutrins 24 percent stake in SQM was approved by Chile's antitrust regulator, with some conditions to combat Tianqi's (19459016) 002466.SZ ) influence.

However, former SQM chairman Ponce, through its investment company Pampa Group, has said that the agreement will continue to give Tianqi, a top competitor, "unlimited access" to "confidential and sensitive information."

Webb said he would attend a constitutional court hearing the matter on Monday, which will be closely monitored by those invested in lithium, one of the world's hottest goods and a key component of electric car batteries.

He said the sale was "in SQM's best interest" and expressed the hope that the agreement could close at the turn of the year.

Nutrien has been charged by Indian and Chinese regulators to relieve their SQM share in April, following the merger with a competitor fertilizer company.

The Web accused Ponce of using the Chilean courts "for their personal benefit" in order to maintain their dominance of SQM.

"Trading in your own interests in these matters means that you are harmful (shareholder) investments and that is unfortunate. I would encourage him to look beyond himself," he said.

Neither Nutrien nor Ponce responded to a request for comment.

Reporting of Aislinn Laing, editing of Rosalba O & # 39; Brien

Our Standards: Thomson Reuters Trust Principles.

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