The final approval was issued following the European Commission's conclusion that Venator Materials PLCis a suitable purchaser of Tronox's 8120 paper-laminate product grade currently supplied to European customers from Tronox's Botlek facility in the Netherlands. Divestiture of this product grade was the condition set forth in the conditional approval granted to Tronox by the European Commission on July 4, 2018. Consummation of the divestiture of the 8120 paper-laminate product grade will occur following approval of the overall Cristal acquisition transaction by the U.S. regulatory authorities, which Tronox is vigorously pursuing in the U.S. District Court of the District of Columbia.
“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. "With the post-trial briefing in the administrative proceeding before the U.S. Federal Trade Commission and the preliminary injunction hearing in U.S. District Court recently completed, we are focused on securing approval to complete the acquisition and transforming Tronox into the industry's premier TiO2 company."
In addition to receiving final approval from the European Commission, Australia, China, New Zealand, Turkey, South Korea, Colombia and Saudi Arabia have also approved the proposed acquisition. The United States Federal Trade Commission remains the final regulatory authority reviewing the transaction.