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Chinese lithium miner Tianqi has appealed a ruling by Chilean financial regulator CMF that shareholder approval is not needed to proceed with a major tie-up set to boost state control over the country’s lithium sector, it said on Saturday.
The Chinese firm said in a statement it had made a formal request to Santiago’s Court of Appeals. It asked that the CMF ruling be suspended until a final resolution is reached, an action that could halt the deal from moving forward.SQM and Codelco predicted that final regulatory approvals will come in the first few months of 2025 and plan to begin the partnership the same year.
“The events surrounding the Codelco-SQM deal sets a major precedent of great gravity that has throughout the process exposed a lack of the most minimal transparency standards and respect for the rights of minority shareholders,” it added.
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