UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September, 2018.
Commission File Number 33-65728
CHEMICAL
AND MINING COMPANY OF CHILE INC.
(Translation of registrant’s
name into English)
El Trovador 4285, Santiago,
Chile (562) 2425-2000
(Address of principal executive
office)
Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F:
x
Form 40-F
¨
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Note: Regulation S-T Rule 101(b)(1) only permits
the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
Note: Regulation S-T Rule 101(b)(7) only permits
the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer
must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s
securities are traded, as long as the report or other document is not a press release, is not required to be and has not been
distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a
Form 6-K submission or other Commission filing on EDGAR.
Santiago,
Chile. September 13, 2018.-
Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B,
SQM-A) informs that a hearing was held with the Antitrust Court,
Tribunal de la Libre Competencia (TDLC))
to discuss the
out of court agreement that was released on Friday, September 7, between the Chilean Antitrust Regulator,
Fiscalía
Nacional Económica (FNE)
and Tianqi Lithium Corporation (Tianqi). As part of this process, the TDLC must approve or
reject the agreement, not been able to alter the proposal of the parties.
Through the investigation, the FNE pointed
out and verified that the intended Tianqi transaction presents several risks to free competition. Accordingly, the FNE has ruled
out that this transaction will result in efficiencies. In both cases, SQM agrees with the FNE, although it believes there are additional
risks not mentioned by the FNE.
As a publicly traded corporation with shares
traded in Chile as well as on the New York Stock exchange, SQM has demonstrated that it does not discriminate nor favor on shareholders
or investors based on their political views, nationality or other. As such, and having an interest in the TDLC resolution, SQM
expressed today, as unanimously agreed to by its Board of Directors the inadequacy of the proposed measures and explained that
the agreement should be denied.
SQM is in a situation where it will have
to receive a direct competitor as a shareholder, which although it is not illegal, presents risks and challenges to free competition.
The aforementioned becomes more complex because of SQM’s open stock corporation status and ownership structure, the political
rights that Tianqi will hold once the transaction materializes, and the fact that the proposed measures will have an obvious impact
on SQM’s corporate activities.
In this sense, the Company does not believe
that the proposed measures in the agreement effectively resolve the risks that it intends to mitigate and do not correctly prevent
the access to sensitive information, which could damage SQM and the market. By having a competitor that is also an important shareholder,
SQM could be subject to possible investigations and penalties for reasons that are outside of its control.
Finally, SQM believes
that the maximum term contemplated of six years is insufficient. The criteria that has been applied to date is that the risk mitigation
measures must last until the risk ceases to exist. If Tianqi believes that no risks will exist in the future, it must prove this
to the TDLC and request modification and elimination of said measures. It is not appropriate, as the agreement suggests, for SQM
to request to maintain of the measures if the risks persist at the end of the term of the agreement.
About SQM
SQM´s business strategy is to be
a global company, with people committed to excellence, dedicated to the extraction of minerals and selectively integrated in the
production and sale of products for the industries essential for human development (e.g. food, health, technology). This strategy
was built on the following five principles:
|
•
|
ensure availability of key resources required to support
current goals and medium and long-term growth of the business;
|
|
•
|
consolidate a culture of lean operations (M1 excellence)
through the entire organization, including operations, sales and support areas;
|
|
•
|
significantly increase nitrate sales in all its applications
and ensure consistency with iodine commercial strategy;
|
|
•
|
maximize the margins of each business line through
appropriate pricing strategy;
|
|
•
|
successfully develop and implement all lithium expansion
projects of the Company, acquire more lithium and potassium assets to generate a competitive portfolio.
|
These principles are based on the following
key concepts:
|
•
|
strengthen the organizational structure to supports
the development of the Company's strategic plan, focusing on the development of critical capabilities and the application of the
corporate values of Excellence, Integrity and Safety;
|
|
•
|
develop a robust risk control and mitigation process
to actively manage business risk;
|
|
•
|
improve our stakeholder management to establish links
with the community and communicate to Chile and worldwide our contribution to industries essential for human development.
|
For further information, contact:
Gerardo
Illanes 56-2-24252022 /
gerardo.illanes@sqm.com
Kelly
O’Brien 56-2-24252074 /
kelly.obrien@sqm.com
Irina
Axenova 56-2-24252280 /
irina.axenova@sqm.com
For media inquiries, contact:
Carolina
García Huidobro /
carolina.g.huidobro@sqm.com
Alvaro
Cifuentes /
alvaro.cifuentes@sqm.com
Tamara
Rebolledo /
tamara.rebolledo@sqm.com
(Northern Region)
Cautionary Note Regarding Forward-Looking
Statements
This news release contains “forward-looking
statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by words such as: “anticipate,” “plan,” “believe,”
“estimate,” “expect,” “strategy,” “should,” “will” and similar references
to future periods. Examples of forward-looking statements include, among others, statements we make concerning the Company’s
business outlook, future economic performance, anticipated profitability, revenues, expenses, or other financial items, anticipated
cost synergies and product or service line growth.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently
available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and
other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements.
Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with
the United States Securities and Exchange Commission, specifically the most recent annual report on Form 20-F, which identifies
important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking
statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements,
whether as a result of new information, future developments or otherwise.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CHEMICAL AND MINING COMPANY
OF CHILE INC.
(Registrant)
Date: September 13, 2018
|
/s/ Ricardo Ramos
|
By: Ricardo
Ramos
CFO & Vice-President of Development
Persons who are
to respond to the collection of information contained SEC 1815 (04-09) in this form are not required to respond unless the form
displays currently valid OMB control number.
Sociedad Quimica y Miner... (NYSE:SQM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Sociedad Quimica y Miner... (NYSE:SQM)
Historical Stock Chart
From Sep 2023 to Sep 2024