AFPM ’19: US FTC to consider remedy in Tronox’s proposed acquisition of Cristal

SAN ANTONIO (ICIS)–The US Federal Trade Commission (FTC) has withdrawn from adjudication Tronox’s proposed acquisition of Saudi Arabia’s The National Titanium Dioxide Co (Cristal), the US-based titanium dioxide (TiO2) producer announced on Monday.

The action enables the case to move forward, so the FTC can consider approving the transaction with the proposed remedy to address anti-trust concerns.

Tronox announced its $2.4bn bid to buy Cristal in early 2017, but the antitrust regulators challenged the proposed acquisition.

Tronox modified the proposed transaction to include the divestiture of Cristal’s North American TiO2 business to INEOS, who agreed to buy Cristal’s TiO2 plants in Ashtabula, Ohio for $700m.

If the remedy is approved by the FTC, the proposed acquisition can be finalised.

Tronox CEO Jeffrey Quinn said in late February that he holds the transaction will be completed by 1 April.

Hosted by the American Fuel & Petrochemical Manufacturers (AFPM), the IPC takes place on 24-26 March in San Antonio, Texas.