SQM Authorized to Acquire PCS Yumbes
October 27 2003 - 2:53PM
PR Newswire (US)
SQM Authorized to Acquire PCS Yumbes SANTIAGO, Chile, Oct. 27
/PRNewswire-FirstCall/ -- Sociedad Quimica y Minera de Chile S.A.
(SQM) (Santiago Stock Exchange: SQM-B SQM-A) reported today that
during the Extraordinary Board Session carried out on October 24,
2003, the members of the Board, with the absence of Wayne Brownlee
and Jose Maria Eyzaguirre, agreed to authorize SQM management to
subscribe the necessary contracts to purchase all the shares of the
Chilean company PCS Yumbes S.C.M., affiliate of Potash Corporation
of Saskatchewan Inc(1). During the same session, the members of the
board verified that the reports issued by the independent valuators
regarding the purchase of all the shares of PCS Yumbes S.C.M. were
made available for inspection by SQM's Shareholders and Directors
and that as of October 24, the Company had not received any comment
or request in connection with said Reports. (1) Potash Corporation
of Saskatchewan, Inc. (PCS) is a Canadian company, which owns 37.5%
of SQM's series A shares and during the last general shareholders
meeting, elected three out of eight SQM's directors. SQM is an
integrated producer and distributor of specialty fertilizers,
iodine, lithium and industrial chemicals. Its products are based on
the development of high quality natural resources that allow the
Company to be leader in costs, supported by a specialized
international network with sales in over 100 countries. SQM's
development strategy aims to maintain and strengthen the world
leadership in its three main businesses: specialty fertilizers,
iodine and lithium. DATASOURCE: Sociedad Quimica y Minera de Chile
S.A. CONTACT: Patricio Vargas, Sociedad Quimica y Minera de Chile
S.A., +011-56-2-425-2274, or +011-56-2-425-2485, or Web site:
http://www.sqm.com/
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