Shareholders back Cristal-chasing Tronox's UK switch
By Grimsby Telegraph | Posted: 11 Mar 2019
Shareholders in Tronox, the company leading the long-running buy-out of chemical giant Cristal, have backed a move to switch to being a UK-registered entity.
The re-domiciling move, which effectively allows the heavily US-focused business to operate under English law, rather than Australian, will ease share transactions and align it with other non-US corporations listed on the New York Stock Exchange, where it is proposed it will stay.
Known as top-hatting, it will see it form a new holding company formed, and comes as it closes in on completing the long-running acquisition of the rival titanium dioxide company, which has a huge operation on the South Humber Bank.
Cristal’s Stallingborough site is the largest of its type in Europe, and has produced the complex whitening agent for more than 65 years.
Having agreed to sell-off Cristal’s US interests to British giant Ineos, it is hoped the blocked deal can pass US anti-competition watchdogs in the coming months.
Overwhelmingly backed, each Tronox shareholder will receive one share in the newly incorporated English company, Tronox Holdings Plc, in exchange for each share held in the Australian-incorporated Tronox Ltd.
The final Australian court hearing is scheduled for Friday, March 22, and assuming court approval and other customary conditions are satisfied, Tronox expects to complete the transaction on Wednesday, March 27.