Chile’s monetary regulator CMF decided that solely approval by SQM’s board was required and mentioned arguments submitted by Tianqi didn’t have benefit beneath Chile’s monetary laws.
“This fee believes that it isn’t acceptable for an SQM extraordinary shareholders’ assembly to resolve on the so-called affiliation settlement, thus this transaction should be analyzed and resolved by SQM’s board of administrators,” the fee mentioned in a letter to Tianqi.
Tianqi, SQM’s second-largest shareholder, didn’t instantly reply to a request for remark. The corporate can enchantment the choice to the courts.
Codelco and SQM mentioned final month they anticipated to resolve closing circumstances for the deal within the first half of 2025, however some analysts flagged the dispute with Tianqi as a danger. The tie-up will give Codelco a stake of fifty% plus one share within the three way partnership.
Tianqi has mentioned it could take into account authorized actions to guard shareholder pursuits. The Chinese language firm complained the negotiations between SQM and Codelco lacked transparency and Tianqi acquired in a public spat with SQM.
(By Kylie Madry and Daina Beth Solomon; Enhancing by David Alire Garcia, Anthony Esposito and Cynthia Osterman)