By Rhiannon Hoyle
Chilean lithium company Sociedad Química y Minera de Chile and Australia's Hancock Prospecting, owned by billionaire Gina Rinehart, struck a deal to buy Azure Minerals valued at roughly 1.70 billion Australian dollars ($1.14 billion).
Azure Minerals said Tuesday it has entered a binding agreement with SQM and Hancock, which intend to jointly acquire its stock for up to A$3.70 a share in cash.
The agreement replaces an earlier deal between SQM and Azure, which was announced in October and valued at up to A$3.52 a share in cash.
Azure directors unanimously recommend the latest offer, so long as a better deal isn't proposed and an independent expert finds it in the best interests of shareholders, the company said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
12-18-23 1853ET