News: AZS UPDATE 1-Chile's SQM, Hancock make $1.1 bln bid for Australia's Azure

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MELBOURNE, Dec 19 (Reuters) - Chile's SQM SQMA.SN has teamed up with miner Hancock Prospecting, run by Australia's richest person, to make a A$1.70 billion ($1.14 billion) bid for Australian lithium developer Azure Minerals (AZS) , the three parties said on Tuesday.

Azure received a sweetened A$3.70-per-share takeover offer from the pair, up from the prior offer of A$3.52 per share.

Azure’s Board has unanimously backed the proposal and encouraged all Azure shareholders to support it, subject to a higher offer.

Two of Azure’s major shareholders, Creasy Group, which holds 12.8%, and Delphi Group, which holds 10.2%, have confirmed to Azure that they intend to sell all of their shares in the absence of a superior proposal for Azure, Hancock said. ( $1 = 1.4919 Australian dollars)