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Chile's SQM buys PCS Yumbes from Canada's Potash
Fri Dec 24, 2004 11:46 AM ET
SANTIAGO, Chile, Dec 24 (Reuters) - Chile's SQM, the biggest specialty fertilizer producer in the world, completed Friday the purchase of $41.85 million in assets from Canada's Potash Corporation of Saskatchewan (POT.TO: Quote, Profile, Research) .
SQM (SQM.N: Quote, Profile, Research) (SQMa.SN: Quote, Profile, Research) (SQM_pb.SN: Quote, Profile, Research) acquired PCS Yumbes, which is located in northern Chile and is the world's only producer of granular potassium nitrate.

The transaction came just days after a series of changes in the control of SQM, of which Potash is a principal stockholder.

Potash auctioned 3.2 percent of its A-series SQM shares to maintain a stake of about 25 percent but avoid triggering a public offer of shares and also bought out Israel Chemicals' (CHIM.TA: Quote, Profile, Research) 8 percent stake in SQM.

In the 2004 third-quarter, SQM's profit jumped 94 percent, to $25.7 million from $13.3 million in 2003, as demand rose for potassium-related fertilizers.