Tronox Limited has received conditional approval from the European Commission for its proposed acquisition of the titanium dioxide ("TiO2") business of Cristal, a privately held global chemical and mining company headquartered in Jeddah, Saudi Arabia. The approval is contingent upon the divestiture of the paper-laminate product grade currently supplied to European customers from the Company's Botlek facility in the Netherlands.
Tronox is working expeditiously to submit to the Commission a definitive agreement with a counterparty for the divestiture to satisfy the remedial requirement.
"Given our ability to meet the European Commission's narrow condition, I anticipate we will quickly receive final approval of the proposed remedy. It is our intent to proceed immediately to closing the Cristal acquisition as soon as we receive final approval from the European authorities," said Jeffry N. Quinn, president and CEO of Tronox. "We see no reason to further delay this highly synergistic combination that is designed to increase asset utilization, lower our cost position, unlock incremental product volumes to serve growing global markets and create significant long-term value for our customers and shareholders."
Tronox Limited is a vertically integrated mining and inorganic chemical business.
