Tronox Ltd., a Stamford-headquartered global mining and inorganic chemicals company, has received final approval from the European Commission to close its proposed $1.7 billion acquisition of the titanium dioxide business of The National Titanium Dioxide Co. Ltd., also known as Cristal, a Saudi Arabian global chemical and mining company.
According to a statement issued by Tronox, the European Commission’s approval was contingent upon its divestiture of the paper-laminate product grade currently supplied to European customers from its Botlek facility in the Netherlands. The divestiture will be completed following approval of the Cristal acquisition by the U.S. Federal Trade Commission (FTC), which Tronox is pursuing in the U.S. District Court for the District of Columbia – Tronox is seeking a declaratory and injunctive relief to prevent the FTC from blocking the acquisition.
“We are pleased to receive the European Commission’s final approval and look forward to consummating this highly synergistic combination 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,” said Jeffry N. Quinn, president and CEO of Tronox.
The Cristal acquisition has already received regulatory approval from federal agencies in Saudi Arabia, along with regulators in Australia, China, Colombia, New Zealand, South Korea and Turkey.