July 10, 2018 / 5:59 PM / 5 months ago

Tronox says FTC blocks Cristal deal

July 10 (Reuters) - Chemical maker Tronox Ltd said on Tuesday the U.S. Federal Trade Commission had filed a complaint against the company’s pending acquisition of the titanium dioxide business of privately held Cristal.

Last year, Tronox said it would buy the titanium dioxide business for $1.67 billion in cash and new shares.

While the FTC asserts the merger would reduce competition in the market, the European Commision approved the deal earlier this month on certain conditions.

Tronox said in a statement the deal would enable it “to better compete with global market leaders and lower-cost Chinese producers”.

The FTC had first objected reut.rs/2upClyq to the deal last year, saying Tronox and Cristal, a subsidiary of Saudi Arabia's Tasnee, are two of the three top suppliers of chloride process titanium dioxide, used to make paint, plastic, paper and other products. (Reporting by John Benny in Bengaluru; Editing by Maju Samuel)

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