Tronox Ltd. said its proposed acquisition of Saudi Arabia-based National Titanium Dioxide Co. Ltd., also known as Cristal, will be presented to the Federal Trade Commission for consideration.
The company and the FTC staff worked together to withdraw the case from adjudication and ask the commission to consider the transaction with a proposed remedy, according to a March 18 release.
Tronox President and CEO Jeffry Quinn said the proposed settlement comprises a "complete structural remedy" after months of consultation and collaboration with the FTC staff.
The submission includes a definitive agreement for the sale of Cristal's North American titanium dioxide business to INEOS AG subsidiary INEOS Enterprises.
An initial decision by the FTC's chief administrative law judge determined that the acquisition may significantly decrease competition for the sale of chloride-based titanium dioxide in North America.