PCS raises its stake in SQM. (United States/Americas).(Potash Corp of Saskatchewan, Sociedad Quimica y Minera de Chile)(Brief Article)

Chemical Week, May, 2002 by Sim, Peck Hwee

Potash Corp of Saskatchewan (PCS) says it has raised its stake in inorganic chemicals producer Sociedad Quimica y Minera de Chile (SQM; Santiago) from 18%, to 20%, by acquiring shares on the open market on May 14 and May 17. PCS did not disclose the total cost of the investment.

The purchase boosts PCS's ownership of SQM's class A shares to 3 7.5%, "the maximum allowable" under SQM bylaws, PCS says. These shares equate to a 20% equity stake in SQM. Norsk Hydro and SQM president Julio Ponce Lero also own a 20% stake in the company, says Chilean newspaper El Diaro. PCS purchased its initial 18% stake in SQM last October for $129 million (CW, Oct. 31, 2001, p.5).

PCS has also petitioned SQM's board to increase the number of PCS representatives from two,...

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