Cristal takeover latest: European Commission's objections received by Tronox
By Grimsby Telegraph | Posted: 22 Mar 2018
US chemical giant Tronox has received a statement of objections from the European Commission over the agreed deal to take over titanium dioxide producer Cristal.
It includes the sprawling site at Stallingborough, where more than 370 people are employed.
Tronox president and chief executive Jeffry N Quinn said: “The Statement of Objections further details and clarifies the Commission’s position, and receipt of it establishes a defined framework to move forward.
“We continue in constructive dialogue and I am confident we can determine an appropriate and proportionate resolution to any valid concerns.”
The statement reflects a preliminary assessment by the Commission, and does not prejudge the outcome of the investigation or the need to offer any particular remedy, though Tronox must respond by early April.
The Commission launched the investigation in December, and it follows a similar action in the US. The £1.27 billion deal has been cleared by authorities in Australia, China, Colombia, New Zealand, Saudi Arabia, South Korea and Turkey.
The Commission declined to comment, other than to add that the investigation is ongoing with a deadline of June 7.
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