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Tronox to appeal US court's decision blocking Cristal deal

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Tronox to appeal US court's decision blocking Cristal deal

A U.S. court granted the Federal Trade Commission a preliminary injunction blocking Tronox Ltd.'s US$1.67 billion acquisition of the titanium dioxide business of The National Titanium Dioxide Co. Ltd., or Cristal, Reuters reported Sept. 5.

The FTC, which first objected to the deal in 2017, recently filed a complaint in the District Court of Columbia, saying the transaction violates antitrust laws.

Tronox plans to appeal the decision and request an expedited hearing.

Meanwhile, the company will also consider whether to proceed with the sale of Cristal's Ashtabula titanium dioxide production complex in Ohio to Venator Materials PLC.

In mid-July, Tronox inked a binding memorandum of understanding with Venator to negotiate a definitive deal for the US$1.1 billion sale of the complex.

Tronox also agreed to sell its 8120 paper-laminate product grade to Venator to secure regulatory approvals for the Cristal transaction.