Apollo offers to buy Tasnee’s unit Tronox

Private equity firm Apollo Global Management, Inc. submitted a $4.3 billion offer, or $27 per share, to buy out New York-listed Tronox Holdings Plc – a premium of 31% compared to the closing price on Friday, Sept. 10.

Tadawul-listed National Industrialization Co. (Tasnee) owns 19.33% of Tronox, based on the latest financial statements for the first half of 2021.
 

Tronox hired advisers to consider the bid and is yet to decide on its next steps, Reuters reported, citing unnamed sources with knowledge of the matter.

Tronox is the world’s second largest producer of titanium dioxide (TiO2) with an annual production capacity of nearly 1 million tons.