In the news release, Nutrien Responds to Statement from SQM on
Agreement Between Tianqi and the FNE in Chile, issued earlier today over Cision,
please note that revisions have been made throughout the release.
The complete, corrected release follows:
Nutrien Responds to Statement from SQM on Agreement Between Tianqi
and the FNE in Chile
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 thoroughly reviewed and approved by all competition
authorities where required elsewhere in the world. Even though
pre-closing review was not required, the Chilean Antitrust
Regulator (FNE) has also thoroughly reviewed the proposed
transaction and reached agreement with Tianqi on specific,
protective remedial measures, which in the view of FNE (and Tianqi)
address any and all potential competition issues. FNE consulted SQM
during this review. As is the normal process, the agreed upon
settlement agreement must be approved by the Tribunal de Defensa de
la Libre Competencia (TDLC) of Chile. The TDLC conducted a public 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.
Pursuant to the FNE-Tianqi settlement agreement,
Tianqi's rights as a minority shareholder are significantly lower
than those held by Potash Corporation of Saskatchewan. 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.