It would be interesting to know who is requiring the scheme to...

It would be interesting to know who is requiring the scheme to advance - likely ASIC.

Azure and SQM have signed a Scheme Implementation Deed, which requires them both to advance. However, pragmatic sense would show this is destined to fail and they could agree to waive requirements. However, ASIC is likely to require "truth in takeovers", which means proceeding with the Scheme unless one of the conditions in the Scheme Implementation Deed fail.

Lithium deals will almost need a Gina and Chris clause now. Instead of no person acquires acquires a relevant interest in more than 19% of shares, it needs to be no person or Gina and Chris combined!

Ultimately, it just means that the $3.50 fall back takeover option remains around longer.

No word on FIRB - still don't see this being an issue. Australia has a free trade agreement with Chile and Tianqi has non-controlling in SQM. Also FIRB is not binary - approved without conditions, approved with conditions, and not approved.