Hancock acquires 18% stake in SQM takeover target Azure
Hancock Prospecting, a company controlled by Australian billionaire Gina Rinehart, has taken an 18% interest in Azure Minerals, the company reported on Friday.
This comes a day after Chilean chemical titan SQM announced it would buy shares that it did not own in Azure for $900-million.
Rinehart’s Hancock recently countered an acquisition attempt by world-number-one producer Albemarle, targeting ASX-listed Liontown Resources. Speculation in Australian newspapers suggests that Rinehart may be exploring strategies to impede SQM’s potential takeover of Azure.
Hancock noted that while Andover showed good prospects, it still had a long path and significant risks to navigate before its ultimate potential was known.
“Hancock is an established Western Australian company with the capacity to support and expedite development,” it said in a statement.
Hancock also noted that its investment focus was long term, pointing to its history of partnerships across resources and agriculture, including at Roy Hill, Hope Downs, S Kidman & Co and multiple early-stage exploration projects with a range of other partners.
Azure’s stock traded at A$3.50 a share on Friday. SQM presented Azure’s board with an offer of A$3.52 a share.
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