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PotashCorp trying to boost again its stake in SQM?
PotashCorp. is trying to boost its stake in Chile's Soquimich for the second time in a month, according to international news reports quoted by FMB weekly report. It announced in advertisements taken out in the local press in Chile on Tuesday that it was offering to buy some 4.48 million Series B shares of Soquimich for some $58.8 million. Soquimich's Series B shares rose 4.26 percent on the Santiago bourse, to 6,900 pesos each. The offer is open for 30 days, closing on December 20, and would boost PotashCorp.'s stake in Soquimich to 29%, potentially making it the biggest shareholder. Potash last raised its stake in Soquimich in October, by 2%. At the time, it said it was not making a bid for the Chilean fertilizer maker, which is also the world's No. 1 producer of iodine and lithium. Chilean businessman Julio Ponce Lerou is currently the top shareholder in Soquimich, or SQM, with 27.3% ownership, according to local traders, who saw PotashCorp's bid on Tuesday 22 November as aiming to control the Chilean company. Ponce Lerou controls Soquimich through other listed investment companies, including Oro Blanco and NorteGrande. It remains to be seen if he will react to PotashCorp’s move by increasing his share. The other interesting reaction to watch will be that of Yara. The Norvegian company is also a main shareholder of SQM, until recently equal to PCS.
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