US Trade Commission withdraws Tronox-Cristal transaction for further review

The US Federal Trade Commission has withdrawn NYSE-listed Tronox Ltd.’s proposed acquisition of the titanium dioxide (TiO2) business of the National Titanium Dioxide Company Limited (Cristal) from adjudication in order to consider the related proposed consent agreement, Tronox said in a statement on its website yesterday.

Should the proposed consent agreement receive final approval by the US commission, the transaction would then be able to be consummated, it said.

The transaction, which was modified to include the proposed divestiture of Cristal's North American TiO2 business to British chemicals firm INEOS Enterprises has garnered widespread support from Cristal and Tronox's North American pigment customers, the statement added.

INEOS has signed an agreement to acquire the North American business of Cristal from Tronox for $700 million, Argaam previously reported.

In February 2017, US-based chemical maker Tronox unveiled said it plans to buy the TiO2 business of Cristal (79 percent owned by Tasnee) for $1.67 billion cash and 37,58 million of newly issued Class A shares in Tronox.