Nitrin will auction off its SCM shares next Monday and sign the end of an era


The largest business in recent years in the local market has a day and time to materialize.

Yesterday in Newton, the Canadian company Nutrin (Continuation of Potsdam Corp) registered in the StackStick of Santiago the auction of the more than 62,000,000 series A Shares of SCM, which represent almost 24% of its ownership. And it puts the operation on Monday, December 3 at 9:15, which will be held in the wheel of the main stock exchange in the country.

The package must be acquired by the Chinese Tianqi, which will sign a millionths: Nitrin will leave the property of SCM after 15 years, in which he named members of the board and participated in the decision made by the company, and the Asian company will Come in its place.

The Transaction, which will be conducted by Banchile Corredores de Bolsa, will have a minimum cost of US $. It. $ 65 per share, so the expected amount will be 4,066 million US dollars.

So, if there is no surprise, this operation marked by controversy will be signed.

Compliance program

After the Court of Defense of Early Competition (TDLC), the agreement between the National Economic Prosecutor's Office (FNE) and Tianqi at the beginning of October for the entry of the latter to the property of SCM was initiated.

According to Pulso, in October, this is the plan that China and Chile are made up of the so-called compliance program, consisting of the compliance protocol that Tianqi agreed with the FN and seeking to limit the risk of illegal coordination between directors. From both companies.

One of the most important details to protect has to do with the potential illicit exchange information about the Lithium Market, where both companies are the largest players in the world.

So, say sources that know the process are prepared for next year: in April 2019 will assume the three directors named Tianqi in SCM, after which the Chinese will have a term of 60 calendar days to submit their proposal to the board of the Chilean mining company.

This process is qualified by the experts as "basic" and even more important than the TDLC's own roofing. It should be noted that this new approach is addressed, particularly at the level of societies specializing in free competition and legislation on corporations.

In this context, the sources commented on the Pampa Group, which represents the interests of Julio Ponce, who audit SCM through the cascading companies, may press on the way to improve – from his point of view – the terms of the agreement that allowed the Entrance from Tianqi to SCM.

A story of struggles

In May of this year, an agreement was made between Nourryn and Tianqi, which last year would have acquired the participation of the former at SCM.

The following month, the FNE announced the opening of an investigation to evaluate the possible impact on the free competition that the operation could bring. This, following claims filed by Corfo and Senator Alejandro Guillier.

In this way, the transaction was frozen while the investigation was extended. In parallel, at the end of August, the FNE reported that it had reached an agreement with Tianqi where it established various measures to reduce the risks that the operation in terms of free competition could be exported.

These measures include that Tianqi will not choose directors, executives or employees of his company to be part of the directors of the SCM, and that the Chinese company or its directors can be inflated or intervened for the benefit of Tianqi or the interests of the interests Of the company. Chilean mining.

After that, the agreement was taken to the TLDLC to approve its approval. In the middle of it, in September the allegations were made, where the Pampa group against the agreement.

Despite this, the TDLC approved the agreement at the beginning of October, after which the Pampa Group returned to the charge, but again their attempts were frustrated.

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