Sinochem Netnews On March 1, the United States announced that it has reached an agreement with Cristal (Cristal), the two sides agreed to extend the previously announced acquisition of Cristal titanium dioxide business agreement.
Pursuant to the amended motion, both parties agree to extend the closing date of the transaction from the previous May 21, 2018 to June 30, 2018, and will be given the right to repeat the automatic extension for a further period of 3 months if necessary until 2019 On March 31, the main purpose is to set aside time for the review of regulatory authorities at all levels and the extension of this confirmation was extended by nearly 10 months from May 21, 2018, as originally scheduled.
Tronox was split from the then US Kerr-McGee Company in 2005. In 2017, Tronox announced that it had proposed to purchase Cristal's titanium dioxide-related assets for US$1.663 billion in cash and stock. This transaction will integrate the world’s leading titanium pigment pigment manufacturers. Two of them, which are the world's largest producers of titanium dioxide products, exceed Chemou (formerly DuPont Titanium Dioxide), and the new company will have 11 pigment production plants in eight countries.
Although the acquisition was completed in 2017 in Australia, New Zealand, China, Turkey, Colombia, South Korea and other countries, it was approved by the Anti-Monopoly Bureau of the Kingdom of Saudi Arabia on January 29, 2018, and the European Union's approval was also in 2017. On the 20th of the month, it took about 40 working days. But in early 2018, the US Federal Trade Commission (FTC) decided to obstruct it. To this end, Tronox had filed a lawsuit against the FTC for the possibility of acquiring Cristal.