FTC Withdraws Tronox-Cristal Transaction From Adjudication - Quick Facts

(RTTNews) - Tronox Limited (TROX), a mining and inorganic chemicals company, confirmed Monday that the Federal Trade Commission has withdrawn the company's proposed acquisition of the titanium dioxide or TiO2 business of The National Titanium Dioxide Co. Limited or Cristal from adjudication fin order to consider the related proposed consent agreement.

Tronox noted that should the proposed consent agreement receive final approval by the Commission, the transaction would then be able to be consummated.

The transaction, modified to include the proposed divestiture of Cristal's North American TiO2 business to INEOS Enterprises, a division of INEOS, has garnered widespread support from Cristal and Tronox's North American pigment customers, according to Tronox.

Cristal is owned 79 percent by Tasnee - a listed Saudi joint-stock company, and 20 percent by Gulf Investment Corporation or GIC, a company equally owned by the six states of the Gulf Cooperation Council (GCC), headquartered in Kuwait.