Nutrien promises to "protect the interests" in the face of the threat to the sale of SQM: paper

SANTIAGO (Reuters) – Canadian Nutrien, which has been trying to sell its stake in the Chilean lithium mining company SQM to the Chinese company Tianqi, has announced its intention to "protect its interests" in an interview with a Chilean newspaper. Sunday.

Michael Webb, Executive Vice President of the Nutrien Fertilizer Company (NTR.TO), accused Julio Ponce, SQMa.SN's largest shareholder, SQMa.SN, of giving priority to "personal benefit" by asking a court to block the $ 4 billion deal.

"As a shareholder of SQM, we want only the best for society," he told El Mercurio. "If Mr. Ponce takes action that harms us and any other shareholder, we will seek to protect ourselves." He did not specify.

The sale of Nutrien's 24% stake in SQM has been approved by Chile's antitrust regulator, with certain conditions to curb the sale of Tianqi (002466.SZ) influence.

The former chairman of SQM, Ponce, via his investment company Pampa Group, said that this deal would still give Tianqi, one of the main competitors, an "unlimited access" to "information confidential and sensitive ".

Webb said it would attend a Constitutional Court hearing on Monday, which will be closely watched by investors in lithium, one of the world's most valued raw materials and an essential component of batteries of electric car.

He said the sale was "in the best interest of SQM" and expressed hope that the deal could be finalized by the end of the year.

Indian and Chinese regulators have asked Nutrien to dump SQM by April, following its merger with a rival fertilizer company.

Webb accused Ponce of using the Chilean courts "to his personal advantage" to maintain his dominance over SQM.

"To act in your own interest in these areas means that you prejudge investments (shareholders) and this is unfortunate. I invite him to look beyond himself, "he said.

Neither Nutrien nor Ponce responded to a request for comment.