Santiago—Up to nine companies are reported to have signed a confidentiality agreement that allows them to participate in the sale of some or all of Sociedad de Inversiones Oro Blanco SA’s 88.62 percent shareholding in Sociedad de Inversiones Pampa Calichera SA (GM Dec. 31, 2015). Pampa Calichera directly owns a 19.96 percent stake in Sociedad Química y Minera de Chile SA (SQM). Among those participating in the sale process are companies from Israel, the U.S., and China. China’s CITIC CLSA Capital Markets Ltd. late last year had indicated its intention to participate in the sale of Oro Blanco’s stake in Pampa Calichera, according to Oro Blanco (GM Dec. 31, 2015). Potash Corp. of Saskatchewan Inc., which already owns a 32 percent shareholding in SQM, has attempted to gain control of the company in the past. Oro Blanco is one of the four cascading holding companies that former SQM CEO Julio Ponce uses to control SQM. At press time, there were also unconfirmed reports that Potasios de Chile, another of the holding companies, was also considering the sale of its stake. Earlier this month, Chile’s Mining Minister, Aurora Williams, said the government would not block a foreign takeover of SQM (GM March 11, p. 13). In other news last week, SQM announced that two board members had resigned – Herman Buchi and Wolf von Appen. Both were on the board with the backing of Pampa Calichera.
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