Chilean competition authorities clear acquisitions in salmon farming and lithium compounds

On December 12 the Fiscalía Nacional Económica of Chile (FNE) unconditionally cleared Agrosuper’s acquisition of AquaChile. The transaction created the second largest farmed salmon producer globally. The FNE’s investigation focused on the scope for the transaction to give rise to unilateral effects, finding that the merger was unlikely to give rise to price increases. RBB Economics advised Agrosuper alongside Barros y Errázuriz throughout the proceedings.Earlier in October, Chile’s Competition Tribunal (TDLC) cleared an agreement between the Fiscalía Nacional Económica and Tianqi Lithium, approving Tianqi Lithium’s $4 bn acquisition of a 26% stake in Sociedad Química y Minera de Chile (SQM). The transaction had been challenged by the Chilean government, on the grounds that it would create a structural link between the largest and the third largest producers of lithium compounds globally. The transaction was ultimately approved subject to behavioural commitments. RBB Economics advised Tianqi Lithium alongside Carey.