NYSE, TSX: NTR
SZ:002466
ALL AMOUNTS ARE STATED IN U.S.$
CALGARY and CHENGDU, PRC, May 17,
2018 /PRNewswire/ - Nutrien Ltd. ("Nutrien") and Tianqi
Lithium Corporation ("Tianqi Lithium") announced today that they
have signed an agreement, whereby Tianqi Lithium has agreed to
purchase 62,556,568 "A shares" of Sociedad Química y Minera de
Chile S.A. ("SQM") held by Nutrien for consideration of
$65 per share in cash. The announced
transaction represents the entirety of Nutrien's "A shares" at a
gross valuation of approximately US$4.07
billion.
SQM is an integrated producer and distributor of lithium,
iodine, specialty plant nutrients, potassium-related fertilizers
and industrial chemicals.
Nutrien still retains ownership of 20,166,319 SQM "B shares" and
expects to divest these shares in due course.
"The announced sale of the majority of our SQM holdings marks
another key integration milestone for Nutrien. With growing free
cash flow, combined with the significant proceeds from this sale,
Nutrien further enhances our balance sheet and liquidity, and
places us in a strong position to execute on our capital allocation
priorities," commented Chuck Magro,
Nutrien's President and CEO.
Vivian Wu, President of Tianqi
Lithium, commented, "This is an attractive investment for Tianqi
Lithium which fits well within our existing business strategy.
Tianqi Lithium's shareholders will greatly benefit from this
transaction given SQM's long-term stable financial returns and
steady dividends".
Nutrien's sale of its SQM holdings was required by the
Competition Commission of India
and Ministry of Commerce in China
in providing their clearance for the merger of Agrium and
PotashCorp which formed Nutrien. The agreement is subject to
customary closing conditions, including regulatory approvals and
Tianqi Lithium shareholder approval, and is expected to be
completed by the fourth quarter of this year.
About Nutrien
Nutrien is the world's largest provider
of crop inputs and services, playing a critical role in helping
growers increase food production in a sustainable manner. We
produce and distribute over 26 million tonnes of potash, nitrogen
and phosphate products world-wide. With this capability and our
leading agriculture retail network, we are well positioned to
supply the needs of our customers. We operate with a long-term view
and are committed to working with our stakeholders as we address
our economic, environmental and social priorities. The scale and
diversity of our integrated portfolio provides a stable earnings
base, multiple avenues for growth and the opportunity to return
capital to shareholders.
About Tianqi Lithium
Listed on the Shenzhen Stock
Exchange (stock code: SZ.002466), Tianqi Lithium is a leading
global supplier of lithium products, with major businesses
including lithium resource development and exploitation, downstream
production processing and trade for a diverse range of high quality
lithium products including mineral concentrates. The company has
well established presences in China and Australia, allowing the company to service
customers across Europe,
Asia, and Oceania.
Forward-Looking Statements
Certain
statements and other information included in this press release
constitute "forward-looking information" or "forward-looking
statements" (collectively, "forward-looking statements") under
applicable securities laws (such statements are usually accompanied
by words such as "anticipate", "expect", "believe", "may", "will",
"should", "estimate", "intend" or other similar words). All
statements in this press release, other than those relating to
historical information or current conditions, are forward-looking
statements, including, but not limited to the timing of the
settlement date. Forward-looking statements in this press
release are based on certain key expectations and assumptions made
by Nutrien, some of which are outside of Nutrien's control.
Although Nutrien believes that the expectations and assumptions on
which such forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking
statements because Nutrien can give no assurance that they will
prove to be correct.
Forward-looking statements are subject to various risks and
uncertainties which could cause actual results and experience to
differ materially from the anticipated results or expectations
expressed in this press release.
Nutrien disclaims any intention or obligation to update or
revise any forward-looking statements in this press release as a
result of new information or future events, except as may be
required under applicable U.S. federal securities laws or
applicable Canadian securities legislation.
Tianqi Lithium Disclaimer
This press release is for information purposes only and does
not constitute an invitation or offer to acquire, purchase or
subscribe for securities.
FOR FURTHER INFORMATION:
Nutrien Contacts:
Investor and Media
Relations:
Richard Downey
Vice President, Investor & Corporate Relations
(403) 225-7357
Investor Relations:
Jeff
Holzman
Senior Director, Investor Relations
(306) 933-8545
Todd Coakwell
Director, Investor Relations
(403) 225-7437
Contact us at: www.nutrien.com
Tianqi Lithium Contacts:
Media
Inquiries:
Martin Qin
Ruder Finn Thunder
martinqin@rfthunder.com
www.tianqilithium.com
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SOURCE Nutrien Ltd.