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Report: Corfo seeks to block sale of Nutrien's 32% SQM stake to Chinese company

Corfo filed a complaint with antitrust regulator FNE to block the proposed sale of a 32% stake in Sociedad Quimica y Minera de Chile SA to Tianqi Lithium Industries Inc., Reuters reported March 10.

According to the report, the Chilean development agency filed the complaint on the grounds that it may give China an unfavorable advantage in securing resources for the development of electric vehicles and would "gravely distort market competition."

The sale of the stake is part of the conditions set by Chinese and Indian regulators to approve the merger of Potash Corp. of Saskatchewan with Agrium Inc., now held by the merged entity Nutrien Ltd.

Rio Tinto briefly considered acquiring the approximately US$5 billion stake.