Benzinga | Jan 4, 2021 06:07AM EST

Tronox Announces British Competition To Initiate Phase 2 Investigation Into The Co.'s Proposed Acquisition Of The TiZir Titanium and Iron Business

Tronox Holdings plc (NYSE:TROX) ("Tronox" or the "Company"), a leading integrated manufacturer of titanium dioxide pigment, today received a decision from the British Competition and Markets Authority ("CMA") indicating that it intends to open a Phase 2 investigation into Tronox's proposed acquisition of the TiZir Titanium and Iron ("TTI") business from Eramet S.A. (the "Seller") as announced on May 14, 2020. As a standard part of the process, the Company may offer remedies to the CMA before it reaches a final decision on whether to begin a Phase 2 investigation. The Company will keep the market informed of the progress of the transaction.



The transaction did not require notification in the United Kingdom or meet premerger reporting thresholds in the United States; however, the CMA and the Federal Trade Commission each launched investigations into the transaction, and the Company has been cooperative throughout these reviews.