AZS Media related thread, page-939

SQM’s planned takeover for Azure Minerals is “dead in the water” according to Mineral Resources boss Chris Ellison, but a MinRes takeover offer for the WA junior is not on the cards.

Speaking after the MinRes’ annual shareholder meeting in Perth on Thursday, Mr Ellison played down the prospect that the company’s lithium junior buying spree will lead to takeover battles for control of multiple companies.

Mr Ellison was at pains to deny that MinRes was working in association with Gina Rinehart’s Hancock Prospecting in either the company’s play in Azure Minerals, or in Delta Lithium. But the MinRes boss said it was clear that a deal would need to be sorted out over the competing interests in the company because it was clear SQM’s $1.6bn bid for the company could not succeed.

“From where I'm sitting it looks like it's dead in the water,” he said.

“If you have a look on the share register, you'll find it's probably about half a dozen different organisations that actually own most of Azure. And I'm not sure if any of those are willing sellers. A couple of them are, maybe. But there’s probably three or four in there that are buyers.”

But Mr Ellison played down the prospects of MinRes emerging with a full takeover play in its own right. “I am simply happy if I wind up with 10 to 15 per cent of the deposit,” he said.