Tronox shareholders approve issuance of new shares to buy Cristal

Tronox Limited, a global leader in the titanium products industry, said on Tuesday that its shareholders approved issuing new shares to acquire the titanium dioxide business of Cristal, a subsidiary of Saudi-listed Tasnee.

Tronox expects to finalize the deal by Q1 2018, it added in a statement.

“The closing of the acquisition remains subject to receipt of regulatory approvals in the US, EU, Saudi Arabia, and South Korea, as well as other customary closing conditions,” Tronox added.

In February 2017, the NYSE-listed chemical maker unveiled plans to buy the titanium dioxide business of Cristal for $1.67 billion cash and 37,58 million of newly issued Class A shares in Tronox (which represents approximately 24 percent of the ownership in Tronox at closing), Argaam earlier reported.

Tronox would partly finance the cash portion of the deal through the sale of its alkali business and other non-core assets.

Cristal is 79 percent owned by Tasnee and 20 percent owned by Gulf Investment Corporation (GIC).