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SQM Comercial Agrees to Merger With Anagra S.A.
Posted by: gurufocus (IP Logged)
Date: January 7, 2009 08:01AM

Press Release: SQM Comercial Agrees to Merger With Anagra S.A.

SANTIAGO, Chile, Jan. 7 /PRNewswire-FirstCall/ -- Sociedad Quimica yMinera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A)announced today that its Chilean subsidiary Soquimich Comercial S.A. (SQMC)(Santiago Stock Exchange: SOQUICOM) and Anagra S.A., a Chilean fertilizerdistribution company, signed a memorandum of understanding ("MOU") oriented toimplement the merger of the two companies. SQMC imports, blends anddistributes specialty and commodity fertilizers in the Chilean market. Themerger would result in the creation of a new fertilizer distribution companyin Chile that would benefit from cost synergies and efficiency gains, enablingthe company to better serve customers in this market.

The merger must be approved by the Chilean Antitrust Commission in orderfor it to go into effect. SQM will continue to be the majority shareholder ofthe new company.

SQMC reported profits of approximately US$16.5 million as of September 31,2008, representing approximately 4% of SQM's consolidated profits.

SQM is an integrated producer and distributor of specialty plantnutrients, iodine and lithium. Its products are based on the development ofhigh quality natural resources that allow the Company to be leader in costs,supported by a specialized international network with sales in over 100countries. SQM's development strategy aims to maintain and strengthen theCompany's world leadership in its three core businesses: Specialty PlantNutrition, Iodine and Lithium.

Statements in this press release concerning the Company's businessoutlook, future economic performances, anticipated profitability, revenues,expenses, or other financial items, anticipated cost synergies and product orservice line growth, together with other statements that are not historicalfacts, are "forward-looking statements" as that term is defined under FederalSecurities Laws.

Any forward-looking statements are estimates, reflecting the best judgmentof SQM based on currently available information and involve a number of risks,uncertainties and other factors that could cause actual results to differmaterially from those stated in such statements. Risks, uncertainties, andfactors that could affect the accuracy of such forward-looking statements areidentified in the public filing made with the Securities and ExchangeCommission, and forward-looking statements should be considered in light ofthose factors.

Source: PRNewsWire

More on SQM: Gurus buys and sells of SQM 10-year financial history of SQM. Insider buys/sells of SQM.

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