The U.S. Federal Trade Commission withdrew Tronox Ltd.'s proposed takeover of Saudi Arabia-based National Titanium Dioxide Co. Ltd., also known as Cristal, from adjudication as it considers the company's divestiture plan.
The FTC had blocked the transaction, citing competition concerns. Tronox then put forward a proposed settlement that would include a definitive agreement for the sale of Cristal's North American titanium dioxide business to INEOS AG subsidiary INEOS Enterprises.
Tronox said March 25 that the deal will be sealed once the FTC approves the modified proposal.
The company noted that the proposed deal has the support of Cristal and Tronox's pigment customers in North America.