SQM and Hancock’s bid for Azure gains competition law approvals

28th February 2024 By: Mariaan Webb - Creamer Media Senior Deputy Editor Online

The A$1.7-billion joint bid by SQM and Hancock Prospecting for Australian lithium developer Azure Minerals has successfully secured all necessary approvals under competition law, it was announced on Wednesday.

Consequently, the relevant conditions set out in the transaction implementation deed have been satisfied. The transaction is still contingent upon the satisfaction of additional conditions.

The Azure board has recommended that shareholders vote in favour of the $3.65-a-share offer of SQM and Hancock.

Azure earlier this month lodged a draft transaction booklet with the Australian Securities and Investments Commission and expects to send it to shareholders in early March. Further details about the timing of the transaction will be included in the booklet.