Huntsman to receive US anti-monopoly approval on Tronox bid

02 November 2009 15:50  [Source: ICIS news]

HOUSTON (ICIS news)--The waiting period for US anti-monopoly approval in connection with Huntsman’s $415m (€282m) stalking-horse bid for several Tronox titanium dioxide (TiO2) plants has expired, putting Huntsman one step closer to closing on the deal, the US producer said on Monday.

“We are pleased with the favourable outcome of FTC’s (Federal Trade Commission) review and that our agreement with Tronox can move quickly to closing upon successful conclusion of the auction process,” chief executive Peter Huntsman said.

A public auction has been scheduled for 8 December in which Huntsman’s bid will serve as the floor.

Tronox will then seek the US bankruptcy court’s approval for the sale of the assets to Huntsman or any other successful bidder at a 10 December sale hearing, it said.

If approved, the sale would likely close within the following 30-45 days, Tronox said.

($1 = €0.68)

For more on Huntsman visit ICIS company intelligence
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By: Ben DuBose
+1 713 525 2653

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