Tronox take-over of Cristal nears as FTC moves to consider agreement files
By Grimsby Telegraph | Posted: 25 Mar 2019
KEY steps to allow the protracted take-over of Cristal by Tronox have been taken.
The Federal Trade Commission has withdrawn the proposed acquisition from its adjudication process, having initially halted the buy-out on anti-competition grounds.
Since then US titanium dioxide giant Tronox has agreed to sell off Cristal’s US assets to Ineos, removing that barrier.
The FTC will now consider the proposed Consent Agreement, submitted last week.
Should it receive final approval, the transaction could complete.
Tronox, listed on the New York Stock Exchange, has garnered widespread support from Cristal and Tronox’s North American pigment customers for the resolution.
If successful, it will see a sixth owner of the South Humber Bank plant, the largest plant of its kind in Europe.
Titanium dioxide is a whitening agent produced through highly volatile and complex processes. It has been an ever present in Stallingborough, under various names and flags, since 1953.