Saudi Arabia’s General Authority for Competition has approved mining and inorganic chemicals company Tronox Ltd.’s proposed $1.7 billion acquisition of the titanium dioxide business of that nation’s firm Cristal. The Stamford company said that to date Australia, China, New Zealand, Turkey, South Korea, and Colombia have also approved the proposed acquisition.
The big stumbling block, as previously reported, is the U.S. Federal Trade Commission. Last week Tronox filed a lawsuit against the FTC over its blocking of the deal.
“This approval is an important step toward completion of this strategic acquisition,” said Tronox President and CEO Jeffry N. Quinn. “We are confident the significant synergies we have identified will enable us to increase production and lower our cost position to the benefit of our customers around the world.”
The company further said it “intends to consummate the transaction promptly following the satisfaction of all remaining conditions to closing the acquisition.”