國際資訊
SQM Explains its Opposition to the FNE/Tianqi Agreement
發布時間: 2018-09-27 17:53 3946 次瀏覽
Santiago, Chile. September 13, 2018.- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE:
SQM; Santiago Stock Exchange: SQM-B, SQM-A) informs that a hearing was held with the Antitrust
Court, Tribunal de la Libre Competencia (TDLC)) to discuss the out of court agreement that was
released on Friday, September 7, between the Chilean Antitrust Regulator, Fiscalía Nacional Económica
(FNE) and Tianqi Lithium Corporation (Tianqi). As part of this process, the TDLC must approve or reject
the agreement, not been able to alter the proposal of the parties.
Through the investigation, the FNE pointed out and verified that the intended Tianqi transaction presents
several risks to free competition. Accordingly, the FNE has ruled out that this transaction will result in
efficiencies. In both cases, SQM agrees with the FNE, although it believes there are additional risks not
mentioned by the FNE.
As a publicly traded corporation with shares traded in Chile as well as on the New York Stock exchange,
SQM has demonstrated that it does not discriminate nor favor on shareholders or investors based on their
political views, nationality or other. As such, and having an interest in the TDLC resolution, SQM expressed
today, as unanimously agreed to by its Board of Directors the inadequacy of the proposed measures and
explained that the agreement should be denied.
SQM is in a situation where it will have to receive a direct competitor as a shareholder, which although it is
not illegal, presents risks and challenges to free competition. The aforementioned becomes more complex
because of SQM’s open stock corporation status and ownership structure, the political rights that Tianqi will
hold once the transaction materializes, and the fact that the proposed measures will have an obvious impact
on SQM’s corporate activities.
In this sense, the Company does not believe that the proposed measures in the agreement effectively resolve
the risks that it intends to mitigate and do not correctly prevent the access to sensitive information, which
could damage SQM and the market. By having a competitor that is also an important shareholder, SQM
could be subject to possible investigations and penalties for reasons that are outside of its control.
Finally, SQM believes that the maximum term contemplated of six years is insufficient. The criteria that has
been applied to date is that the risk mitigation measures must last until the risk ceases to exist. If Tianqi
believes that no risks will exist in the future, it must prove this to the TDLC and request modification and
elimination of said measures. It is not appropriate, as the agreement suggests, for SQM to request to maintain
of the measures if the risks persist at the end of the term of the agreement.（from:SQM）
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