Chilean lithium giant SQM and Gina Rinehart make a sweetened A$1.7 billion (US$1.1 billion) cash offer for Azure Minerals23 Dec 2023 03:25
19 dec 2023
(bloomberg) -- chilean lithium giant sqm has partnered with iron ore billionaire gina rinehart to make a sweetened a$1.7 billion ($1.1 billion) cash offer for azure minerals ltd., ending two months of uncertainty over the deal after australia’s richest woman crashed an earlier bid.
rinehart’s han**** prospecting pty. and sociedad quimica & minera de chile sa, as sqm is formally known, will offer a$3.70 for each share in the perth-based miner, a proposal already recommended by azure’s board, the two sides said on tuesday. the offer represents a nearly 52% premium to the price before the previous proposal in october.
sqm had earlier offered a$3.52 per azure share, under a similar scheme of arrangement structure — a 44% premium. but that bid was immediately thrown into question when rinehart built a near-blocking 18% stake.