CALGARY, Sept. 14, 2018 /PRNewswire/ - Nutrien Ltd.
("Nutrien") today provides the following response to Sociedad
Química y Minera de Chile S.A. ("SQM's") extraordinary and
self-serving decision to issue a press release on the agreement
between Fiscalía Nacional Económica ("FNE") and Tianqi Lithium
Corporation ("Tianqi").
Nutrien is required by orders of the Chinese and Indian
competition authorities to divest its shareholding interest in SQM
as a condition of receiving merger approval. Tianqi has agreed to
bid for a certain number of the shares through an auction process
on the Santiago Stock Exchange. Tianqi's proposed purchase has been
reviewed and approved by all competition authorities where required
elsewhere in the world. The Chilean Antitrust Regulator has
thoroughly reviewed the proposed transaction and reached agreement
with Tianqi on certain remedial measures which in the view of FNE,
address any and all potential competition issues. As is routine and
required in such cases, the agreed upon settlement agreement is
reviewed by the Tribunal de Defensa de la Libre Competencia (TDLC)
of Chile. The TDLC conducted a
hearing yesterday, which was attended by FNE, Tianqi and several
intervening parties including Nutrien and SQM. SQM claims to
object to Tianqi investing in the company because it is in the
lithium business.
Potash Corporation of Saskatchewan was a large minority stakeholder
in SQM and appointed directors to SQM's Board (also a significant
potash producer) for almost 15 years. Over that time period,
the SQM Board did not identify this as an issue and in fact
welcomed this arrangement.
Pursuant to the FNE-Tianqi settlement agreement, the governance
rights that Tianqi will hold once the transaction is finalized are
significantly lower than those held by PotashCorp. The only
difference appears to be the country of origin of the minority
equity shareholder. Publicly traded companies do not decide
who can buy their shares as a minority owner. The actions that SQM
have taken also brings into question the company's openness to
foreign investment, a position that can only harm SQM shareholder
value.
Given SQM's efforts to interfere with the proposed transaction,
Nutrien is evaluating all potential responsive actions. Despite the
efforts of SQM to distort the rule of law, we are confident that
the Chilean regulatory and court systems are fair and impartial and
that SQM will not succeed in its attempt to frustrate this
transaction.
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.
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
completion date of the transaction. 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.
FOR FURTHER INFORMATION:
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
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SOURCE Nutrien Ltd.