Settlement close as FTC staff join Tronox in filing motion over Cristal buy-out
By Grimsby Telegraph | Posted: 12 Feb 2019
A request to delay appeals deadlines on the troubled takeover of Cristal by Tronox has been filed as a settlement looks close.
The US chemical giant, together with staff of the Federal Trade Commission, have united for a joint motion put to commissioners as it aims to resolve anti-competition concerns.
As reported, NYSE-listed Tronox has agreed to sell Cristal’s North American assets to third party, Ineos, in a bid to get the protracted deal with the Saudi Arabian business over the line.
The £543 million sale of the two Ohio titanium dioxide production plants in Ashtabula, should appease concerns, the final barriers to completing the acquisition, first announced in February 2017. It would represent something like a 40 per cent stake in the original £1.27 billion agreement.
It would also raise the importance of the sprawling Stallingborough site in the remaining portfolio, the largest site of its type in Europe.
Jeffry N Quinn, Tronox's president and chief executive, said: “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.
“We continue to believe that Ineos’ demonstrated success in operating chemical businesses will inject new energy into the North American TiO2 industry to the benefit of consumers. We appreciate the diligence and attention given by all parties to advancing remedy discussions so we may finalise the Cristal acquisition and turn our focus towards unlocking value for our shareholders and better serving our global customers.”