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US: Tronox clears federal hurdle in US$1.7b Saudi acquisition

By  |  December 5, 2017

Tronox is moving ahead with its planned US$1.7 billion acquisition of the titanium dioxide business of Saudi company Cristal, after the Simpson-Rodino waiting period expired waiting period under federal antitrust law expired without further action or communication from the US Federal Trade Commission.

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    Tronox, a Stamford company involved in the mining, production and marketing of inorganic minerals and chemicals, first announced the deal in February.

    “Based on consultation with counsel, we believe that expiration of the waiting period means that we can proceed toward completion of the transaction once all closing conditions are met,” said Tronox CEO Jeffry Quinn, who was named to that position last month.

    “However,” he added, “we have not been informed that the Federal Trade Commission has formally concluded its investigation. The commission could conceivably seek to enjoin the transaction at a later time, but we believe such action would be unprecedented and contrary to the rationale of the pre-merger notification system that is the framework of the US regulatory process.”

    Full Content: PR Newswire

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