Chile’s Constitutional Court declined Oct. 25 to take up a case questioning whether an agreement between China’s Tianqi Lithium Corp. and Chile’s antitrust agency Fiscalia Nacional Economica (FNE) went far enough to protect SQM’s trade secrets against its Chinese competitor (GM Oct. 12, p. 25). Tianqi Lithium has agreed to acquire a 24 percent stake in SQM from Nutrien Ltd., Saskatoon, for $4.1 billion.
In a joint statement, Tianqi Lithium and Nutrien said they were pleased with the court decision. It allows the Tribunal de Defensa de la Libre Competencia (TDLC) to rule on the reconsideration motions filed by the Pampa Group, SQM and Conadecus against the TDLC’s initial decision (GM Sept. 14, p. 25, Sept. 21, p. 1). TDLC’s initial decision upheld Tianqi Lithium’s agreement with FNE to allow the deal to proceed.
Nutrien and Tianqi Lithium expect to close the sale by the end of the year as previously planned.
CVR Partners LP, Sugar Land, Texas, reported a third-quarter net loss of $13 million on net sales of $80 million, compared a year-ago net loss of $32 million on net sales of $69 million.
“We are pleased to report strong operating performance and improved fertilizer netbacks at both our Coffeyville, Kan., and East Dubuque, Ill., fertilizer facilities during the 2018 third quarter,” said Mark Pytosh, CVR CEO. “Market conditions have continued to improve since summer and we are seeing strong global demand for nitrogen fertilizer. In addition, product pricing for the late fall of 2018 has increased by approximately 25 percent from the summer fill season and we’re seeing continued pricing strength into the first quarter of 2019.”
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