Tronox Limited announced that, in connection with its planned acquisition of the titanium dioxide (TiO2) business of Cristal, the waiting period in the United States under the Hart-Scott-Rodino Act expired at 11:59 p.m. EST on 1 December 2017, without further action by or communication from the US Federal Trade Commission.
Jeffry Quinn, CEO, Tronox, stated: "Based on consultation with counsel, we believe that expiration of the waiting period means that we can proceed toward completion of the transaction once all closing conditions are met. However, we have not been informed that the Federal Trade Commission has formally concluded its investigation.”
“The Commission could conceivably seek to enjoin the transaction at a later time, but we believe such action would be unprecedented and contrary to the rationale of the pre-merger notification system that is the framework of the US regulatory process," added Quinn.
Tronox intends to consummate the transaction promptly following the satisfaction of all remaining conditions to the acquisition, including antitrust clearance by the European Commission and the Kingdom of Saudi Arabia.
Cristal is a privately held global chemical and mining company, headquartered in Jeddah, Saudi Arabia.