Hancock Prospecting and SQM inches closer to Azure Minerals (ASX:AZS) deal

Gina Rinehart's Hancock Prospecting and Chilean giant Sociedad Química y Minera are poised to acquire Azure Minerals, marking Rinehart's entry into the lithium sector.

This comes after Mineral Resources (ASX:MIN) confirmed it would sell its $250 million stake in Azure to the joint bid by Hancock and SQM, ending the tussle for the takeover target.

If the scheme fails, the all-cash scheme proposal stands at $3.70 per share, with an alternative off-market takeover at $3.65 per share. The deal awaits a mid-March vote.

Mineral Resources chose to sell its 13.6% stake in a bid to boost its war chest amid the battery minerals downturn.