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Nutrien sells SQM stake to China's Tianqi

17 May 2018 16:46 (+01:00 GMT)
Nutrien sells SQM stake to China's Tianqi

Houston, 17 May (Argus) — Canada-based fertilizer producer Nutrien has agreed to sell the majority of its shares in Chilean potash and lithium producer SQM to Tianqi Lithium.

Nutrien will sell all of its 62.6mn "A shares" in SQM to China-based Tianqi for $4.07bn. It still has 20.2mn "B shares" that it also plans to divest.

Nutrien was required to sell its 32pc stake in SQM in order to gain regulatory approval from China and India for its formation through the merger of PotashCorp and Agrium.

SQM is the largest South American producer of potash fertilizer, including MOP, SOP and NOP. It also produces lithium, iodine and other specialty chemicals from operations in northern Chile.

Tianqi is an established lithium producer, with existing operations in China and Australia.