Firm partner says that the deal reflects the level of demand for high-quality lithium assets
Corrs Chambers Westgarth (Corrs) has confirmed its role in the $ 1.7bn proposed joint acquisition of ASX-listed Azure Minerals Limited (Azure) by Sociedad Química y Minera de Chile S.A. (SQM) and Hancock Prospecting Pty Ltd (Hancock).
The firm advised Azure, which entered into a transaction implementation deed with SQM and Hancock. Under the deed, SQM and Hancock proposed to acquire all of Azure's shares via scheme of arrangement through joint bid acquisition vehicle SH Mining Pty Ltd.
In the event that the scheme fails, the acquisition is pursuant to an off-market takeover, Corrs said.
“Competition for high quality lithium assets has been fierce this year and the interest in Azure…reflects the inherent potential of Azure’s Andover lithium project,” lead partner Christian Owen said.
Azure managing director Tony Rovira confirmed in an ASX announcement that the transaction “delivers a fantastic outcome for Azure shareholders.”
The Corrs team advised Azure on all aspects of the acquisition. Owen received support from partners Jeremy Horwood, Mark McCowan, and Katrina Sleiman, as well as senior associates Jonathan Dos Santos and Nick Lindsay. Experts from the firm’s public M&A, energy and resources, competition, and litigation practices pitched in as well.