Tronox to buy Cristal's TiO2 business, sell soda ash

摘要

Tronox said Tuesday it has agreed to acquire the titanium dioxide (TiO2) business of The National Titanium Dioxide Co. (Cristal), a com- pany owned 79% by Tasnee (Riyadh, Saudi Arabia), a listed joint stock company, and 20% by Gulf Investment Corp., a company equally owned by the six states of the Gulf Cooperation Council, headquar- tered in Kuwait. Tronox is acquiring the business for $1.7 billion of cash and Class-A ordinary shares representing 24% ownership in pro forma Tronox. The company has also announced its intention to begin selling its alkali business. The cash portion of the purchase is expected to be funded through proceeds from the sale of assets, including alkali and other noncore assets and cash on hand.