Julio Ponce to Exit SQM Holding Companies in Reorganization
Julio Ponce, the former son-in-law of Chile's deceased dictator Augusto Pinochet, announced his departure from the group of cascading holding companies through which he owns a major stake in lithium supplier SQM.
Under a proposal announced in a regulatory filing Thursday, the number of holding companies will be reduced to two from six through a series of corporate actions. Sociedad de Inversiones Oro Blanco, Sociedad de Inversiones Pampa Calichera, Nitratos de Chile, Potasios de Chile and Global Mining will be merged into two companies. As a result, the group would now be composed by two companies: Oro Blanco and Potasios.
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Chilean business magnate Ponce exits firms with stakes in lithium miner SQM
SANTIAGO (Reuters) - Chilean business magnate Julio Ponce will leave several of his companies, he said in a statement on Thursday, while the firms announced a broader restructuring that seeks to merge units into fewer entities. They include firms that hold significant stakes in Chilean lithium producer SQM. Ponce said he was passing on control to his family, notably his daughter Francisca Ponce, who would be advised by his brother Eugenio Ponce. "I have decided to announce that I will no longer be a protagonist in this story," said Ponce, 79, the former son-in-law of the late Chilean dictator Augusto Pinochet. Separately on Thursday, his companies announced plans to simplify their organization by merging into fewer companies in filings to the South American nation's stock exchange. Pampa Group, as the collection of Ponce's sprawling corporate empire is known, is one of SQM's top shareholders alongside China's Tianqi. Both hold just over a fifth of shares each, according to the country's market regulator. "I bequeath the control and direction, in both professional and patrimonial spheres, of what is coming to my family," Ponce said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
