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Nutrien auctions remaining SQM stake for nearly US$1B

Nutrien Ltd. sold its remaining stake in Chilean lithium miner Sociedad Quimica y Minera de Chile SA, or SQM, for nearly US$1 billion, Reuters reported June 1.

The 20,166,319 B SQM shares were auctioned on Chile's IPSA stock exchange for 31,000 Chilean pesos per share.

The stake sale was required to secure regulatory approvals for the merger of Agrium Inc. and Potash Corp. of Saskatchewan, which resulted in the formation of Nutrien.

Tianqi Lithium Corp. recently agreed to acquire Nutrien's 62,556,568 A shares in SQM for about US$4.07 billion, securing access to key resources required for developing rechargeable batteries for electric vehicles.

As of June 1, US$1 was equivalent to 632.70 Chilean peso.