FIRB questions linger in Azure Minerals takeover

In a pre-market note issued to clients on Monday, the hedge fund sales trader said delays in the $1.7 billion Azure Minerals-Sociedad Quimica y Minera/Hancock Prospecting takeover receiving necessary Foreign Investment Review Board approvals should give investors cause for concern.

Dey continued: “In AZS’ situation, the Chinese ownership of SQM is probably holding up the decision. If it was straightforward, the approval would have come through by now, in my view.”Azure Mineral’s shares dropped 7.4 per cent in the first hour of trade on Monday and fell by 9.5 per cent by midday. Shares ended the day down 7.8 per cent to $3.29 despite an address from the chairperson assuring investors that things are on track and shareholders backing the deal.

Azure Minerals announced on April 3 that FIRB had requested – and agreed by bid acquisition vehicle SH Mining – an extension to the statutory decline to approve the transaction to April 30. In his address on Monday, chairman Brian Thomas characterised the request as “standard”, adding that Azure is “not aware of any reason that the required FIRB approval will not be received”.

Source: News Formal (newsformal.com)

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