USD 5.00 Billion from Rio Tinto kitty looking for a home in Li assets ?
By Brett Foley and David Stringer
Rio Tinto Group has dropped out of the bidding for a stake in SQM, one of the world's top lithium producers, as it pursues other ways to capitalise on the electric-car boom, people familiar with the matter said.
Rio decided not to proceed with an offer for Nutrien's 32 percent stake in Santiago-based SQM after studying information in a data room, according to the people. Other strategic bidders remain interested in the holding, one of the people said.
Nutrien's interest in SQM is worth about $US5 billion ($6.4 billion).
Nutrien, the Canadian company formed through Potash Corp's recent merger with Agrium, is selling the holding to meet a condition imposed by Indian regulators when approving that combination. Rio last year sought advice from firms including Credit Suisse on a possible bid for the stake, people familiar with the matter said in November.
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