European Commission approves acquisition of Cristal by Tronox
European Commission issues final approval of Tronox’s proposed Cristal acquisition.
Tronox Limited announced that it has received final approval from the European Commission to close its proposed acquisition of the titanium dioxide (“TiO2“) business of The National Titanium Dioxide Company Limited, a privately held global chemical and mining company headquartered in Jeddah, Saudi Arabia. The final approval was issued following the European Commission’s conclusion that Venator Materials PLC is a suitable purchaser of Tronox’s 8120 paper-laminate product grade currently supplied to European customers from Tronox’s Botlek facility in the Netherlands.
Approval from USA still pending
Divesture of this product grade was the condition set forth in the conditional approval granted to Tronox by the European Commission on July 4, 2018. Consummation of the divestiture of the 8120 paper-laminate product grade will occur following approval of the overall Cristal acquisition transaction by the U.S. regulatory authorities.
In addition to receiving final approval from the European Commission, Australia, China, New Zealand, Turkey, South Korea, Colombia and Saudi Arabia have also approved the proposed acquisition. The United States Federal Trade Commission remains the final regulatory authority reviewing the transaction.
Image source: Pixabay
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