Chile's SQM, Hancock make $1.1 bln bid for Australia's Azure (updated)

Azure Minerals

18/12/2023 22:53

(Adds details, comments)
       MELBOURNE, Dec 19 (Reuters) - Chile's SQM  SQMA.SN  has
teamed up with miner Hancock Prospecting, run by Australia's
richest person, to make a A$1.70 billion ($1.14 billion) bid for
Australian lithium developer Azure Minerals  AZS.AX , the three
parties said on Tuesday. 
    Azure received a sweetened A$3.70-per-share takeover offer
from the pair, up from the prior offer of A$3.52 per share.
   Azure’s Board has unanimously backed the proposal and
encouraged all Azure shareholders to support it, subject to a
higher offer. 
    Two of Azure’s major shareholders, Creasy Group, which holds
12.8%, and Delphi Group, which holds 10.2%, have confirmed to
Azure that they intend to sell all of their shares in the
absence of a superior proposal for Azure, Hancock said. 
( $1 = 1.4919 Australian dollars)

 (Reporting by Melanie Burton in Melbourne, John Biju and
Archishma Iyer in Bengaluru; Editing by Krishna Chandra Eluri
and Jonathan Oatis)
 ((John.Biju@thomsonreuters.com))