New York-listed Tronox Ltd. has filed a joint motion with the Federal Trade Commission (FTC) requesting a delay of remaining appeals deadlines with regard to its proposed acquisition of the titanium dioxide business of National Titanium Dioxide Ltd. (Cristal), a 79 percent-owned subsidiary of Tasnee.
The filing of the joint motion reflects progress in advancing settlement discussions regarding a remedy transaction intended to resolve the FTC’s competitive concerns with Tronox's pending acquisition of the TiO2 business of Cristal, the company said in a statement.
"Tronox and the staff of the FTC have made significant progress in our settlement discussions and all parties continue to work constructively and diligently to address concerns raised by the FTC," said Jeffry N. Quinn, president and chief executive officer of Tronox.
In December 2018, Tronox has proposed to address the FTC's concerns through a divestiture of all Cristal's North American TiO2 business including its two-plant Ashtabula TiO2 complex to INEOS Enterprises (INEOS), a division of INEOS, for a cash purchase price of $700 million.
US-based Tronox signed a definitive agreement to buy Cristal’s Tio2 business.
The deal will earn Tasnee SAR 6.3 billion ($ 1.67 billion) cash and 37,580,000 of newly issued Class A shares in Tronox, representing around 24 percent stake in Tronox.
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